Scotiabank Has Bearish Forecast for Enbridge FY2024 Earnings

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Scotiabank cut their FY2024 earnings per share estimates for Enbridge in a report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will post earnings of $1.95 per share for the year, down from their prior forecast 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 results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter last year, the firm posted $0.46 EPS.

ENB has been the subject of several other reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $63.00 price objective (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Morgan Stanley initiated coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $63.00.

Enbridge Price Performance

ENB stock opened at $44.05 on Friday. The firm has a 50 day moving average of $42.45 and a 200-day moving average of $40.17. The company has a market cap of $95.95 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 4.14 and a beta of 0.93. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. Enbridge has a 12-month low of $32.85 and a 12-month high of $44.13.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is presently 124.07%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ENB. Richardson Financial Services Inc. grew its position in shares of Enbridge by 28.4% in the third quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock valued at $45,000 after purchasing an additional 246 shares during the period. Associated Banc Corp grew its holdings in Enbridge by 3.6% in the 3rd quarter. Associated Banc Corp now owns 7,091 shares of the pipeline company’s stock valued at $288,000 after buying an additional 248 shares during the period. Hobbs Group Advisors LLC increased its stake in shares of Enbridge by 15.1% during the 3rd quarter. Hobbs Group Advisors LLC now owns 1,897 shares of the pipeline company’s stock valued at $77,000 after acquiring an additional 249 shares during the last quarter. Centaurus Financial Inc. lifted its holdings in shares of Enbridge by 1.7% during the 3rd quarter. Centaurus Financial Inc. now owns 14,980 shares of the pipeline company’s stock worth $608,000 after acquiring an additional 256 shares during the period. Finally, First PREMIER Bank boosted its position in shares of Enbridge by 1.7% in the third quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after acquiring an additional 257 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

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.