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Enbridge Inc ENB

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Stock XNYS Rating as of
$35.18 +0.31 (0.89%)
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Company Report

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Enbridge: 2024 Forecast Contains No Surprises, Which Is Good News

Stephen Ellis

Enbridge’s 2024 guidance update was probably more notable due to the lack of drama compared with peer TC Energy’s more high-profile struggles with Coastal GasLink recently. The lack of surprises is reflected in the firm’s guidance toward a midpoint of CAD 16.9 billion in 2024 EBITDA compared with our CAD 17.1 billion forecast. We consider our forecast realistic, as it is within the top end of Enbridge’s guidance range, which is up to CAD 17.2 billion (about 4% growth year over year) and largely reaffirms what was presented at the firm’s analyst day earlier in 2023. The dividend is also expected to be increased 3% year over year, matching our expectations. As such, we plan to leave our CAD 52 and USD 38 fair value estimates and narrow moat rating unchanged.

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Price vs Fair Value

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ENB is trading at a 7% discount.
Price
$35.18
Fair Value
$62.00
Uncertainty
Medium
1-Star Price
$48.90
5-Star Price
$64.80
Economic Moat
Nxlykb
Capital Allocation
Nmbylvtx

Bulls Say, Bears Say

Bulls

Enbridge is the liquids-focused version of gas-oriented Williams in terms of an attractive, highly regulated utility-like earnings profile.

Bears

Due to its size and profile, Enbridge is a lightning rod for ESG-related legal and stakeholder challenges across its assets, including Line 3, 5, and it even has a small stake in the troubled Dakota Access Pipeline.

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News

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Trading Information

Previous Close Price
$34.87
Day Range
$34.87–35.33
52-Week Range
$31.03–42.06
Bid/Ask
$34.90 / $35.25
Market Cap
$74.78 Bil
Volume/Avg
7.3 Mil / 6.6 Mil

Key Statistics

Price/Earnings (Normalized)
17.05
Price/Sales
2.11
Dividend Yield
7.43%
Dividend Yield (Forward)
7.65%
Total Yield
7.43%

Company Profile

Enbridge owns extensive midstream assets that transport hydrocarbons across the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada’s largest natural gas distribution company. Finally, the firm has a small renewables portfolio primarily focused on onshore and offshore wind projects.
Sector
Energy
Industry
Oil & Gas Midstream
Stock Style Box
Large Value
Total Number of Employees
11,100
Website
https://www.enbridge.com

Competitors

Valuation

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Metric
ENB
TRP
EPD
Price/Earnings (Normalized)
 17.0511.9410.81
Price/Book Value
 1.741.712.15
Price/Sales
 2.113.331.21
Price/Cash Flow
 8.086.917.38
Price/Earnings
ENB
TRP
EPD

Financial Strength

Metric
ENB
TRP
EPD
Quick Ratio
 0.400.500.57
Current Ratio
 0.670.860.92
Interest Coverage
 2.411.235.43
Quick Ratio
ENB
TRP
EPD

Profitability

Metric
ENB
TRP
EPD
Return on Assets (Normalized)
 3.17%3.71%8.22%
Return on Equity (Normalized)
 10.17%13.74%20.96%
Return on Invested Capital (Normalized)
 5.52%6.37%12.04%
Return on Assets
ENB
TRP
EPD

Oil & Gas Midstream Industry Comparables

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Morningstar Rating for Stocks
Economic Moat
Market Cap
EPD
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ET
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WMB
Williams Companies IncFtkdb$45.4 Bil
LNG
Cheniere Energy IncRhq$43.3 Bil
OKE
ONEOK IncCfhfpb$40.7 Bil
KMI
Kinder Morgan Inc Class PWvnmvk$39.5 Bil
TRP
TC Energy CorpTpktjs$39.0 Bil
MPLX
MPLX LP Partnership UnitsXgbbplw$36.7 Bil
CQP
Cheniere Energy Partners LPMrqf$29.2 Bil