Analysts Offer Predictions for Enbridge FY2024 Earnings

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Investment analysts at National Bank Financial dropped their FY2024 earnings per share estimates for shares of Enbridge in a research note issued to investors on Sunday, November 3rd. National Bank Financial analyst P. Kenny now forecasts that the pipeline company will post earnings of $2.02 per share for the year, down from their previous forecast of $2.05. The consensus estimate for Enbridge’s current full-year earnings is $2.07 per share.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.13. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same quarter in the previous year, the company posted $0.51 EPS.

Other research analysts also recently issued research reports about the stock. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley began coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company.

Enbridge Trading Up 1.0 %

NYSE:ENB opened at $40.83 on Tuesday. The company has a market capitalization of $88.92 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 3.91 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. Enbridge has a 52-week low of $32.76 and a 52-week high of $42.16. The stock has a fifty day simple moving average of $40.75 and a 200-day simple moving average of $38.05.

Institutional Trading of Enbridge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tacita Capital Inc grew its holdings in Enbridge by 1.7% in the 3rd quarter. Tacita Capital Inc now owns 66,028 shares of the pipeline company’s stock valued at $2,686,000 after buying an additional 1,093 shares during the period. Nations Financial Group Inc. IA ADV grew its holdings in Enbridge by 2.8% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 18,753 shares of the pipeline company’s stock valued at $762,000 after buying an additional 516 shares during the period. Versor Investments LP grew its holdings in Enbridge by 9.5% in the 3rd quarter. Versor Investments LP now owns 9,200 shares of the pipeline company’s stock valued at $374,000 after buying an additional 800 shares during the period. Loudon Investment Management LLC grew its holdings in Enbridge by 4.9% in the 3rd quarter. Loudon Investment Management LLC now owns 19,261 shares of the pipeline company’s stock valued at $782,000 after buying an additional 900 shares during the period. Finally, Meixler Investment Management Ltd. purchased a new stake in Enbridge in the 3rd quarter valued at about $761,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a $0.676 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, November 15th. This represents a $2.70 annualized dividend and a yield of 6.62%. Enbridge’s 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.