FY2024 Earnings Estimate for Enbridge Issued By Scotiabank

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Equities research analysts at Scotiabank reduced their FY2024 earnings per share (EPS) estimates for Enbridge in a report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will earn $1.95 per share for the year, down from their previous forecast of $2.14. The consensus estimate for Enbridge’s current full-year earnings is $2.03 per share. Scotiabank also issued estimates for Enbridge’s FY2026 earnings at $2.14 EPS.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The firm had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the prior year, the company earned $0.46 EPS.

Several other research firms have also commented on ENB. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Stock Performance

Shares of ENB stock opened at $44.05 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company has a market cap of $95.95 billion, a PE ratio of 20.39, a P/E/G ratio of 4.14 and a beta of 0.93. The company’s fifty day simple moving average is $42.45 and its 200-day simple moving average is $40.17. Enbridge has a 52 week low of $32.85 and a 52 week high of $44.13.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 6.08%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is 124.07%.

Institutional Investors Weigh In On Enbridge

A number of hedge funds have recently bought and sold shares of ENB. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the 2nd quarter valued at approximately $28,000. McIlrath & Eck LLC raised its holdings in Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares in the last quarter. Grove Bank & Trust boosted its stake in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares during the last quarter. MFA Wealth Advisors LLC grew its holdings in Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Enbridge in the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.