Q3 Earnings Forecast for Enbridge Issued By Atb Cap Markets

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Research analysts at Atb Cap Markets lowered their Q3 2024 earnings per share (EPS) estimates for Enbridge in a research report issued to clients and investors on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now anticipates that the pipeline company will earn $0.37 per share for the quarter, down from their prior forecast of $0.45. The consensus estimate for Enbridge’s current full-year earnings is $2.08 per share. Atb Cap Markets also issued estimates for Enbridge’s FY2024 earnings at $1.99 EPS.

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

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

Enbridge Price Performance

Shares of Enbridge stock opened at $41.15 on Thursday. The business has a 50 day simple moving average of $40.50 and a two-hundred day simple moving average of $37.66. Enbridge has a 12 month low of $31.31 and a 12 month high of $42.16. The stock has a market capitalization of $87.81 billion, a P/E ratio of 20.89, a PEG ratio of 3.94 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68.

Enbridge Cuts Dividend

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

Institutional Investors Weigh In On Enbridge

Several hedge funds and other institutional investors have recently made changes to their positions in ENB. TruNorth Capital Management LLC acquired a new stake in shares of Enbridge in the second quarter valued at approximately $28,000. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the second quarter worth approximately $28,000. Ameritas Investment Partners Inc. purchased a new position in Enbridge in the first quarter worth approximately $29,000. Richardson Financial Services Inc. purchased a new position in Enbridge in the first quarter worth approximately $31,000. Finally, Grove Bank & Trust grew 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 acquiring an additional 279 shares during the period. Institutional investors and hedge funds 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.