National Bank Financial Weighs in on Enbridge Inc.’s Q1 2024 Earnings (NYSE:ENB)

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Equities researchers at National Bank Financial issued their Q1 2024 earnings estimates for shares of Enbridge in a report issued on Tuesday, April 23rd. National Bank Financial analyst P. Kenny forecasts that the pipeline company will earn $0.55 per share for the quarter. The consensus estimate for Enbridge’s current full-year earnings is $2.14 per share.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, February 9th. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The business had revenue of $8.37 billion for the quarter, compared to analyst estimates of $9.62 billion. Enbridge had a return on equity of 10.23% and a net margin of 13.97%.

A number of other brokerages also recently commented on ENB. Jefferies Financial Group assumed coverage on shares of Enbridge in a research report on Tuesday, February 27th. They issued a “buy” rating on the stock. Stifel Nicolaus assumed coverage on shares of Enbridge in a research report on Thursday, January 18th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Enbridge presently has a consensus rating of “Hold” and a consensus price target of $55.20.

Enbridge Price Performance

Enbridge stock opened at $35.67 on Thursday. Enbridge has a 52-week low of $31.03 and a 52-week high of $40.30. The company’s 50 day moving average is $35.12 and its two-hundred day moving average is $34.77. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 1.30. The firm has a market cap of $75.83 billion, a PE ratio of 16.99, a price-to-earnings-growth ratio of 3.32 and a beta of 0.84.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Enbridge by 98.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,644,850 shares of the pipeline company’s stock valued at $54,578,000 after buying an additional 815,850 shares during the last quarter. Clarius Group LLC grew its position in shares of Enbridge by 25.2% in the 4th quarter. Clarius Group LLC now owns 8,031 shares of the pipeline company’s stock valued at $289,000 after buying an additional 1,617 shares during the last quarter. S.E.E.D. Planning Group LLC grew its position in Enbridge by 81.1% during the 4th quarter. S.E.E.D. Planning Group LLC now owns 229,663 shares of the pipeline company’s stock worth $8,272,000 after purchasing an additional 102,850 shares during the last quarter. Private Trust Co. NA grew its position in Enbridge by 5.7% during the 4th quarter. Private Trust Co. NA now owns 8,834 shares of the pipeline company’s stock worth $318,000 after purchasing an additional 473 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Enbridge by 5.7% during the 3rd quarter. Vanguard Group Inc. now owns 81,491,857 shares of the pipeline company’s stock worth $2,704,715,000 after purchasing an additional 4,400,848 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other 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.