Enbridge FY2024 EPS Cut by National Bank Financial

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

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

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

Enbridge Price Performance

NYSE ENB opened at $43.14 on Thursday. Enbridge has a 1 year low of $32.85 and a 1 year high of $44.13. The company has a fifty day simple moving average of $41.84 and a 200 day simple moving average of $39.05. 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 $93.95 billion, a P/E ratio of 19.97, a P/E/G ratio of 4.27 and a beta of 0.94.

Institutional Trading of Enbridge

Hedge funds have recently modified their holdings of the company. TruNorth Capital Management LLC acquired a new stake in Enbridge during the second quarter worth $28,000. William B. Walkup & Associates Inc. acquired a new stake in shares of Enbridge during the 2nd quarter valued at about $28,000. 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 acquiring an additional 295 shares during the period. Grove Bank & Trust raised its position in Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. Finally, MFA Wealth Advisors LLC lifted its stake in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 280 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Cuts Dividend

The company 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 dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 6.21%. Enbridge’s dividend payout ratio is 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.