National Bank Financial Weighs in on Enbridge Q3 Earnings

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Equities researchers at National Bank Financial issued their Q3 2024 earnings estimates for Enbridge in a research report issued on Wednesday, October 23rd. National Bank Financial analyst P. Kenny expects that the pipeline company will post earnings of $0.44 per share for the quarter. The consensus estimate for Enbridge’s current full-year earnings is $2.08 per share.

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

Separately, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th.

Enbridge Stock Down 0.2 %

Shares of NYSE ENB opened at $41.15 on Friday. The company’s 50-day simple moving average is $40.50 and its 200-day simple moving average is $37.66. Enbridge has a 52-week low of $31.31 and a 52-week high of $42.16. The firm has a market cap of $87.81 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 3.94 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.

Hedge Funds Weigh In On Enbridge

A number of institutional investors and hedge funds have recently bought and sold shares of ENB. Pathway Financial Advisers LLC boosted its position in Enbridge by 4,120.0% during the third quarter. Pathway Financial Advisers LLC now owns 4,571,669 shares of the pipeline company’s stock worth $185,655,000 after acquiring an additional 4,463,335 shares during the last quarter. M&G Plc acquired a new position in Enbridge in the 1st quarter valued at about $152,843,000. Cibc World Market Inc. boosted its holdings in Enbridge by 12.8% in the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after purchasing an additional 3,693,495 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Enbridge by 66.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock valued at $327,172,000 after purchasing an additional 3,624,089 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Enbridge by 11.3% in the 1st quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company’s stock valued at $818,370,000 after purchasing an additional 2,203,123 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a dividend of $0.669 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.50%. Enbridge’s payout ratio is presently 134.01%.

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.