FY2024 Earnings Forecast for Enbridge Issued By Scotiabank

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Stock analysts at Scotiabank lowered their FY2024 earnings per share estimates for Enbridge in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now expects that the pipeline company will post earnings per share of $1.95 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 quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The company 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 posted $0.46 EPS.

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

Enbridge Stock Performance

NYSE:ENB opened at $43.57 on Friday. The company has a market cap of $94.91 billion, a P/E ratio of 20.17, a P/E/G ratio of 4.14 and a beta of 0.93. The firm’s 50 day moving average is $42.51 and its two-hundred day moving average is $40.23. Enbridge has a fifty-two week low of $32.85 and a fifty-two week high of $44.13. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 124.07%.

Hedge Funds Weigh In On Enbridge

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Richardson Financial Services Inc. lifted its position in shares of Enbridge by 28.4% during the third quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock worth $45,000 after purchasing an additional 246 shares in the last quarter. Associated Banc Corp boosted its position in Enbridge by 3.6% in the 3rd quarter. Associated Banc Corp now owns 7,091 shares of the pipeline company’s stock valued at $288,000 after buying an additional 248 shares during the last quarter. Hobbs Group Advisors LLC grew its stake in shares of Enbridge by 15.1% during the third quarter. Hobbs Group Advisors LLC now owns 1,897 shares of the pipeline company’s stock valued at $77,000 after acquiring an additional 249 shares in the last quarter. Centaurus Financial Inc. increased its position in shares of Enbridge by 1.7% during the third quarter. Centaurus Financial Inc. now owns 14,980 shares of the pipeline company’s stock worth $608,000 after acquiring an additional 256 shares during the last quarter. Finally, First PREMIER Bank lifted its stake in shares of Enbridge by 1.7% in the third quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after acquiring an additional 257 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Company Profile

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.