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Enbridge
(TSX:ENB)
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Rating:64Neutral
Price Target:
C$82.00
â–²(19.13% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by steady-but-mixed financial performance: strong revenue momentum and solid profitability are offset by elevated leverage and weaker recent cash conversion. The earnings call adds support via reaffirmed guidance, sizable sanctioned capital/backlog, and continued shareholder-return focus, while technicals are modest due to near-term weakness versus short-term averages. Valuation is helped by the ~5% yield but constrained by a ~22.7 P/E.
Positive Factors
Diversified regulated and contracted infrastructure
Enbridge’s fee-based and regulated model reduces direct exposure to commodity prices and supports recurring cash flows. Its mix of liquids, gas, utilities and renewables also diversifies earnings across customers, regions and energy markets.
Negative Factors
High and rising leverage
Elevated and rising debt increases sensitivity to interest costs, refinancing conditions and execution setbacks. Leverage of 5.1x EBITDA was above management’s target range at quarter-end, limiting flexibility while Enbridge funds substantial growth capital.
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Positive Factors
Negative Factors
Diversified regulated and contracted infrastructure
Enbridge’s fee-based and regulated model reduces direct exposure to commodity prices and supports recurring cash flows. Its mix of liquids, gas, utilities and renewables also diversifies earnings across customers, regions and energy markets.
Read all positive factors
Enbridge (ENB) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$151.40B
Dividend Yield5.53%
Average Volume (3M)10.70M
Price to Earnings (P/E)23.2
Beta (1Y)0.19
Revenue Growth28.91%
EPS Growth-8.55%
CountryCA
Employees14,800
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)3.00
Shares Outstanding2,184,085,400
10 Day Avg. Volume8,495,036
30 Day Avg. Volume10,699,741
Financial Highlights & Ratios
PEG Ratio0.53
Price to Book (P/B)2.30
Price to Sales (P/S)2.20
P/FCF Ratio35.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$79.26Price Target Upside15.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering15
EPS Forecast (FY)2.9
Revenue Forecast (FY)C$77.49B
Enbridge Business Overview & Revenue Model
Company Description
Enbridge Inc., together with its subsidiaries, operates as an energy infrastructure company. The company operates through four segments: Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. The Liquids...
How the Company Makes Money
Enbridge makes money primarily by operating fee-based energy infrastructure under long-term contracts and regulated frameworks. (1) Liquids Pipelines: It earns toll revenue for transporting crude oil and other liquid hydrocarbons on its pipeline s...
Enbridge Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and commercial progress narrative: high utilization, material project progress (Blackcomb commissioning, Houston terminal in service, Line 5 relocation sanctioned), sizable sanctioned capital and a large secured backlog, meaningful gas and renewables momentum, and improved adjusted EBITDA (+$130M y/y). Key financial priorities (equity self-funding, shareholder returns, reaffirmed 2026 guidance) and utility rate-base growth underpin resilience. The primary negatives were manageable near-term items: slight EPS decline from non-cash and financing charges, leverage at 5.1x influenced by FX, headwinds from lower market access contributions and higher interest rates, and timing/permitting uncertainty for larger upstream Mainline decisions (MLO2) driven by policy implementation and commodity/geopolitical volatility. Overall, positives (project sanctions, backlog, EBITDA growth, renewables and gas demand momentum, and utility growth) substantially outweigh the noted lowlights, though execution and permitting timing remain watch points.Positive Updates
Strong Q2 Operational Utilization and Mainline Volumes
High utilization across all four business units; Mainline volumes averaged 3.1 million barrels per day in Q2 2026.
Negative Updates
EPS Pressure from Depreciation and Interest
Earnings per share slightly down year-over-year due to higher depreciation from recently placed-in-service assets and increased interest expense on higher debt principal.
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Q2-2026 Updates
Positive
Negative
Strong Q2 Operational Utilization and Mainline Volumes
High utilization across all four business units; Mainline volumes averaged 3.1 million barrels per day in Q2 2026.
Read all positive updates
Company Guidance
Enbridge reaffirmed its 2026 guidance, reporting Q2 adjusted EBITDA up >$130M YoY and Mainline volumes of 3.1 million bpd, and said it has sanctioned ~ $9B YTD and is on track to secure up to $20B of projects in 2026–27 against a $41B secured backlog and ~$50B organic growth opportunity through 2030. Notable program metrics include a $2B Mainline capital program through 2028, 180,000 bpd of incremental Mainline capacity (Phase 1 + SIC), the $1B Wisconsin Line 5 relocation (ISD early‑2027), Southern Lights (~200k bpd) and Norlite (>200k bpd) condensate capacity, Blackcomb commissioning toward year‑end, Bay Runner Twin sanctioned and an option to acquire TTC Connector on expected year‑end service. Renewables guidance includes >2 GW under construction, >1.4 GW with Meta plus 1.6 GWh of battery storage, >1.5 GW safe‑harbor opportunities and 10.5 GW of power projects sanctioned/under construction. On finance, Q2 exit leverage was 5.1x (management target 4.5–5x; CAD/USD 1.42 vs Q2 avg 1.38), the company returned $38B to shareholders over the past 5 years and targets $40–45B over the next 5, and it noted 31 consecutive years of dividend increases.Enbridge Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.46B | 65.13B | 53.59B | 42.89B | 53.45B | 46.80B |
| Gross Profit | 27.45B | 21.24B | 19.41B | 17.00B | 16.64B | 14.14B |
| EBITDA | 21.15B | 20.49B | 16.95B | 16.31B | 9.85B | 12.28B |
| Net Income | 7.10B | 7.49B | 5.44B | 6.19B | 3.00B | 6.19B |
Balance Sheet | ||||||
| Total Assets | 231.65B | 218.47B | 218.97B | 180.32B | 179.61B | 168.86B |
| Cash, Cash Equivalents and Short-Term Investments | 2.07B | 1.18B | 1.80B | 5.90B | 861.00M | 286.00M |
| Total Debt | 112.13B | 106.50B | 101.67B | 81.20B | 80.98B | 75.64B |
| Total Liabilities | 162.80B | 152.55B | 150.08B | 115.83B | 116.21B | 105.50B |
| Stockholders Equity | 65.35B | 62.33B | 65.90B | 61.45B | 59.89B | 60.83B |
Cash Flow | ||||||
| Free Cash Flow | 2.41B | 3.98B | 5.67B | 9.32B | 6.41B | 1.97B |
| Operating Cash Flow | 14.08B | 12.95B | 12.60B | 14.20B | 11.23B | 9.79B |
| Investing Cash Flow | -13.55B | -11.17B | -20.36B | -6.04B | -5.27B | -11.18B |
| Financing Cash Flow | 437.32M | -2.41B | 3.54B | -2.86B | -5.43B | 1.22B |
Enbridge Technical Analysis
Negative
68.83
Price Trends
73.88
Negative
74.22
Negative
70.56
Negative
Market Momentum
-1.18
Negative
37.64
Neutral
39.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ENB, the sentiment is Negative. The current price of 68.83 is below the 20-day moving average (MA) of 70.06, below the 50-day MA of 73.88, and below the 200-day MA of 70.56, indicating a bearish trend. The MACD of -1.18 indicates Negative momentum. The RSI at 37.64 is Neutral, neither overbought nor oversold. The STOCH value of 39.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ENB.
Enbridge Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$38.94B | 23.88 | 10.54% | 4.22% | -0.28% | -4.26% | |
66 Neutral | C$16.39B | 27.07 | 7.00% | 2.44% | 8.91% | -24.51% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | C$151.40B | 23.23 | 10.01% | 5.53% | 28.91% | -8.55% | |
64 Neutral | C$86.53B | 26.26 | 13.07% | 3.95% | 5.52% | -18.22% | |
62 Neutral | C$5.39B | 31.48 | 18.23% | 5.58% | 18.62% | 3.09% | |
57 Neutral | C$16.53B | 40.12 | 10.81% | 3.79% | 0.24% | -38.65% |
* Energy Sector Average
TSE:ENB
Enbridge
69.69
6.21
9.78%
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TSE:TRP
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TSE:GEI
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29.32%
TSE:ALA
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53.24
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TSE:KEY
Keyera Corp.
56.97
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33.02%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.