Scotiabank Brokers Decrease Earnings Estimates for Enbridge

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Equities research analysts at Scotiabank cut their FY2024 EPS estimates for shares of Enbridge in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will earn $1.95 per share for the year, down from their prior estimate 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 announced its quarterly earnings data 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 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 earnings per share.

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

Enbridge Price Performance

Shares of NYSE ENB opened at $43.57 on Friday. 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 capitalization of $94.91 billion, a price-to-earnings ratio of 20.17, a price-to-earnings-growth ratio of 4.14 and a beta of 0.93. Enbridge has a twelve month low of $32.85 and a twelve month high of $44.13. The business has a 50 day simple moving average of $42.51 and a 200-day simple moving average of $40.23.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given 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 dividend yield of 6.15%. Enbridge’s dividend payout ratio is currently 124.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge during the second quarter worth approximately $28,000. McIlrath & Eck LLC boosted its position in Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 295 shares during the period. Grove Bank & Trust boosted its position in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 279 shares during the period. MFA Wealth Advisors LLC grew its stake in shares of Enbridge by 55.6% in 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 in the last quarter. Finally, Fortitude Family Office LLC acquired a new position in shares of Enbridge during the third quarter valued at $35,000. Institutional investors own 54.60% of the company’s stock.

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.