Scotiabank Comments on Enbridge’s FY2024 Earnings (NYSE:ENB)

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Equities research analysts at Scotiabank lowered their FY2024 earnings per share (EPS) 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 of $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 issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.15. The firm had revenue of $10.91 billion for the quarter, compared to analyst estimates 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 company posted $0.46 earnings per share.

Several other brokerages have also issued reports on ENB. Royal Bank of Canada restated an “outperform” rating and issued a $63.00 target price (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Morgan Stanley started coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating on the stock. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $63.00.

Enbridge Stock Performance

Shares of ENB opened at $43.57 on Friday. The firm has a market cap of $94.91 billion, a PE ratio of 20.17, a PEG ratio of 4.14 and a beta of 0.93. The stock’s fifty day moving average price is $42.51 and its two-hundred day moving average price is $40.27. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. Enbridge has a 1 year low of $32.85 and a 1 year high of $44.13.

Enbridge Cuts Dividend

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

Institutional Trading of Enbridge

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Richardson Financial Services Inc. raised its stake in shares of Enbridge by 28.4% during the 3rd quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock valued at $45,000 after purchasing an additional 246 shares during the period. Associated Banc Corp increased its stake in Enbridge by 3.6% in the 3rd quarter. Associated Banc Corp now owns 7,091 shares of the pipeline company’s stock worth $288,000 after acquiring an additional 248 shares during the last quarter. Hobbs Group Advisors LLC increased its stake in Enbridge by 15.1% in the 3rd quarter. Hobbs Group Advisors LLC now owns 1,897 shares of the pipeline company’s stock worth $77,000 after acquiring an additional 249 shares during the last quarter. Centaurus Financial Inc. increased its stake in Enbridge by 1.7% in the 3rd 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 increased its stake in Enbridge by 1.7% in the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after acquiring an additional 257 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

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.