Brokers Issue Forecasts for Enbridge Inc.’s Q1 2023 Earnings (NYSE:ENB)

Posted by on Apr 7th, 2023

Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) – Equities research analysts at Zacks Research decreased their Q1 2023 earnings per share (EPS) estimates for Enbridge in a research report issued to clients and investors on Tuesday, April 4th. Zacks Research analyst U. Dutta now forecasts that the pipeline company will post earnings per share of $0.57 for the quarter, down from their previous forecast of $0.59. The consensus estimate for Enbridge’s current full-year earnings is $2.26 per share. Zacks Research also issued estimates for Enbridge’s Q2 2023 earnings at $0.50 EPS, Q3 2023 earnings at $0.47 EPS, Q4 2023 earnings at $0.54 EPS, Q1 2024 earnings at $0.51 EPS, Q2 2024 earnings at $0.48 EPS, Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.55 EPS, FY2024 earnings at $2.01 EPS and FY2025 earnings at $1.97 EPS.

ENB has been the topic of several other research reports. BMO Capital Markets cut shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 24th. National Bank Financial increased their price target on shares of Enbridge from C$54.00 to C$56.00 in a research report on Friday, January 27th. Credit Suisse Group raised shares of Enbridge from an “underperform” rating to a “neutral” rating in a research report on Wednesday, March 29th. Finally, StockNews.com started coverage on shares of Enbridge in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and a consensus target price of $59.00.

Enbridge Stock Performance

Shares of ENB stock opened at $38.98 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.49 and a current ratio of 0.60. Enbridge has a one year low of $35.02 and a one year high of $47.67. The company’s 50-day simple moving average is $38.61 and its 200-day simple moving average is $39.18. The stock has a market capitalization of $78.93 billion, a price-to-earnings ratio of 38.59, a PEG ratio of 2.88 and a beta of 0.83.

Hedge Funds Weigh In On Enbridge

A number of large investors have recently bought and sold shares of ENB. Parsec Financial Management Inc. raised its holdings in shares of Enbridge by 7.4% during the first quarter. Parsec Financial Management Inc. now owns 16,209 shares of the pipeline company’s stock valued at $618,000 after buying an additional 1,123 shares during the last quarter. Cardinal Capital Management Inc. raised its holdings in shares of Enbridge by 1.3% during the first quarter. Cardinal Capital Management Inc. now owns 2,429,486 shares of the pipeline company’s stock valued at $92,542,000 after buying an additional 31,913 shares during the last quarter. Patten Group Inc. raised its holdings in shares of Enbridge by 9.9% during the first quarter. Patten Group Inc. now owns 18,100 shares of the pipeline company’s stock valued at $690,000 after buying an additional 1,627 shares during the last quarter. Tradewinds LLC. acquired a new position in shares of Enbridge during the first quarter valued at approximately $324,000. Finally, Radnor Capital Management LLC increased its stake in shares of Enbridge by 0.6% during the first quarter. Radnor Capital Management LLC now owns 81,684 shares of the pipeline company’s stock valued at $3,116,000 after acquiring an additional 525 shares during the period. Institutional investors own 49.25% of the company’s stock.

Enbridge Company Profile

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Enbridge, Inc engages in the provision of gas and oil. It operates through the following segments: Liquid Pipelines, Gas Distribution and Storage, Gas Transmission and Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and the U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.

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Earnings History and Estimates for Enbridge (NYSE:ENB)

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