Enbridge FY2024 EPS Reduced by National Bank Financial

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Stock analysts at National Bank Financial reduced their FY2024 EPS estimates for Enbridge in a research note issued on Tuesday, December 3rd. National Bank Financial analyst P. Kenny now anticipates that the pipeline company will post earnings per share of $1.99 for the year, down from their previous forecast of $2.02. The consensus estimate for Enbridge’s current full-year earnings is $2.04 per share.

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

Enbridge Stock Performance

ENB stock opened at $43.91 on Thursday. The company has a market capitalization of $95.64 billion, a P/E ratio of 20.33, a PEG ratio of 4.27 and a beta of 0.94. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The business has a 50-day moving average price of $41.84 and a 200 day moving average price of $39.05. Enbridge has a 1-year low of $32.85 and a 1-year high of $44.13.

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

Hedge Funds Weigh In On Enbridge

Several hedge funds and other institutional investors have recently bought and sold shares of ENB. McIlrath & Eck LLC increased its stake 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 purchasing an additional 295 shares during the last quarter. Grove Bank & Trust raised its stake in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. MFA Wealth Advisors LLC boosted its stake in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 280 shares during the period. TruNorth Capital Management LLC bought a new stake in Enbridge in the second quarter valued at $28,000. Finally, William B. Walkup & Associates Inc. bought a new position in Enbridge in the 2nd quarter worth about $28,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be paid a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 6.10%. Enbridge’s dividend payout ratio (DPR) is currently 121.76%.

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.