Enbridge FY2024 EPS Forecast Cut by National Bank Financial

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – National Bank Financial dropped their FY2024 earnings per share estimates for shares of Enbridge in a research report issued to clients and investors on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts that the pipeline company will post earnings of $1.96 per share for the year, down from their prior estimate of $1.99. The consensus estimate for Enbridge’s current full-year earnings is $2.03 per share. National Bank Financial also issued estimates for Enbridge’s FY2025 earnings at $2.16 EPS and FY2028 earnings at $2.39 EPS.

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

Enbridge Stock Up 0.9 %

Shares of NYSE:ENB opened at $44.05 on Wednesday. The firm has a 50 day simple moving average of $42.37 and a 200 day simple moving average of $40.15. Enbridge has a 52 week low of $32.85 and a 52 week high of $44.13. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The company has a market cap of $95.95 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 4.14 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last issued 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 business had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same period in the previous year, the firm posted $0.46 EPS.

Institutional Trading of Enbridge

A number of institutional investors have recently bought and sold shares of ENB. Legend Financial Advisors Inc. bought a new stake in shares of Enbridge in the 4th quarter valued at approximately $42,000. Canandaigua National Bank & Trust Co. grew its position in Enbridge by 1.3% in the fourth quarter. Canandaigua National Bank & Trust Co. now owns 23,472 shares of the pipeline company’s stock worth $996,000 after acquiring an additional 306 shares in the last quarter. Bard Financial Services Inc. increased its stake in shares of Enbridge by 0.6% during the 4th quarter. Bard Financial Services Inc. now owns 124,290 shares of the pipeline company’s stock worth $5,273,000 after purchasing an additional 700 shares during the last quarter. CWA Asset Management Group LLC raised its holdings in shares of Enbridge by 7.3% during the 4th quarter. CWA Asset Management Group LLC now owns 29,183 shares of the pipeline company’s stock valued at $1,238,000 after purchasing an additional 1,993 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Enbridge by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock valued at $655,556,000 after purchasing an additional 176,733 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Cuts Dividend

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

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.