Scotiabank Has Pessimistic View of Enbridge FY2024 Earnings

Enbridge Inc. (TSE:ENB) (NYSE:ENB) – Stock analysts at Scotiabank dropped their FY2024 earnings per share (EPS) estimates for Enbridge in a research report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now expects that the company will post earnings of $2.81 per share for the year, down from their previous estimate of $2.89. The consensus estimate for Enbridge’s current full-year earnings is $3.51 per share. Scotiabank also issued estimates for Enbridge’s FY2025 earnings at $3.07 EPS and FY2026 earnings at $3.19 EPS.

A number of other research firms have also recently commented on ENB. Wells Fargo & Company increased their target price on Enbridge from C$57.00 to C$60.00 in a research note on Thursday, December 5th. Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating and boosted their target price for the company from C$55.00 to C$58.00 in a research note on Monday, September 30th. Morgan Stanley set a C$64.00 price target on Enbridge and gave the stock an “equal weight” rating in a research report on Friday, October 25th. BMO Capital Markets boosted their price objective on Enbridge from C$59.00 to C$60.00 in a research report on Wednesday, December 4th. Finally, Royal Bank of Canada raised their target price on shares of Enbridge from C$59.00 to C$63.00 in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Enbridge presently has an average rating of “Hold” and a consensus target price of C$61.33.

Enbridge Price Performance

ENB stock opened at C$62.99 on Friday. The firm has a 50 day simple moving average of C$60.00 and a two-hundred day simple moving average of C$55.44. The stock has a market cap of C$137.32 billion, a PE ratio of 24.23, a P/E/G ratio of 1.72 and a beta of 0.90. Enbridge has a one year low of C$45.05 and a one year high of C$63.40. The company has a debt-to-equity ratio of 131.26, a current ratio of 0.76 and a quick ratio of 0.44.

Insiders Place Their Bets

In other news, Senior Officer Cynthia Lynn Hansen sold 1,106 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of C$59.94, for a total value of C$66,293.64. Corporate insiders own 0.10% of the company’s stock.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 14th will be paid a dividend of $0.9425 per share. This represents a $3.77 annualized dividend and a yield of 5.99%. This is a positive change from Enbridge’s previous quarterly dividend of $0.92. Enbridge’s payout ratio is presently 140.77%.

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.