Enbridge Earnings: More Tuck-In Deals; Progress on Financing the Purchase of Dominion Gas Utilities

Enbridge’s third-quarter results were solid as the company reaffirmed its guidance range for 2023 EBITDA between CAD 15.9 billion and CAD 16.5 billion. Our forecast is also unchanged at CAD 16.4 billion. We don’t expect to change our CAD 52 or $38 fair value estimates or our narrow moat rating. Third-quarter EBITDA increased 3% year over year to CAD 3.9 billion, helped primarily by higher economic interests in the Gray Oak and Cactus II pipelines, as well as higher Mainline pipeline volumes.