Shares of Enbridge (NYSE:ENB)(TSE:ENB) are higher today after it reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at C$0.63, which missed analysts’ consensus estimate of C$0.73 per share.
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Adjusted EBITDA increased by 6% year-over-year, as it hit C3.91 billion. This was in line with expectations. Enbridge also saw its Mainline oil deliveries increase year-over-year, increasing from 3.01 million bbl/day to 3.07 million bbl/day.
Looking forward, management expects distributable cash flow per share and adjusted EBITDA for Fiscal Year 2023 to be in the ranges of C$5.25 to C$5.65 and C$15.9 billion and C$16.5 billion, respectively.
Overall, Wall Street analysts have a consensus price target of C$59.74 on ENB stock, implying over 12% upside potential, as indicated by the graphic above.
