Enbridge Inc. to Post Q1 2024 Earnings of $0.63 Per Share, Atb Cap Markets Forecasts (NYSE:ENB)

Enbridge Inc. (NYSE:ENB) (TSE:ENB) – Analysts at Atb Cap Markets raised their Q1 2024 earnings estimates for Enbridge in a research note issued to investors on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the pipeline company will earn $0.63 per share for the quarter, up from their prior estimate of $0.60. The consensus estimate for Enbridge’s current full-year earnings is $2.14 per share. Atb Cap Markets also issued estimates for Enbridge’s FY2024 earnings at $2.17 EPS.

Other equities research analysts have also issued reports about the stock. Stifel Nicolaus started coverage on shares of Enbridge in a research report on Thursday, January 18th. They set a “hold” rating on the stock. Jefferies Financial Group assumed coverage on shares of Enbridge in a research report on Tuesday, February 27th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $55.20.

Enbridge Stock Up 1.7 %

Enbridge stock opened at $36.27 on Friday. The stock’s 50 day moving average price is $35.16 and its 200 day moving average price is $34.78. Enbridge has a 1-year low of $31.03 and a 1-year high of $40.30. The company has a market cap of $77.11 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 3.34 and a beta of 0.84. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.83 and a quick ratio of 0.74.

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

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.677 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.71 dividend on an annualized basis and a yield of 7.47%. This is a boost from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s payout ratio is presently 129.05%.

Institutional Trading of Enbridge

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Enbridge by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 83,053,455 shares of the pipeline company’s stock worth $2,991,585,000 after purchasing an additional 1,561,598 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Enbridge by 24.9% in the fourth quarter. TD Asset Management Inc now owns 37,749,760 shares of the pipeline company’s stock worth $1,365,583,000 after acquiring an additional 7,536,678 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in shares of Enbridge by 2.5% in the fourth quarter. 1832 Asset Management L.P. now owns 35,289,140 shares of the pipeline company’s stock worth $1,271,115,000 after acquiring an additional 846,796 shares during the last quarter. Canoe Financial LP boosted its stake in shares of Enbridge by 80,631.1% during the fourth quarter. Canoe Financial LP now owns 33,460,611 shares of the pipeline company’s stock valued at $1,205,251,000 after acquiring an additional 33,419,164 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Enbridge by 630.3% during the 3rd quarter. Wellington Management Group LLP now owns 32,531,108 shares of the pipeline company’s stock worth $1,083,938,000 after purchasing an additional 28,076,386 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

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.