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Enbridge Inc ENB Stock Quote

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Morningstar‘s Stock Analysis ENB

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Is it the right time to buy or sell?

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Enbridge Reports Good Q2; Partners on Woodfibre LNG and Expands U.S. LNG Efforts

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Enbridge’s second-quarter results were good, in our view. Management reiterated its expectations of a midpoint of CAD 15.3 billion in 2022 EBITDA compared with our CAD 15.4 billion forecast. We continue to expect wide oil and gas spreads to convey incremental marketing opportunities across Enbridge’s footprint in the second half of the year, contributing some modest upside. With no material changes to our near-term outlook, our Canadian fair value remains unchanged, while our U.S. fair value declines to $41 per share based on updated exchange rates. Our narrow moat rating is also unchanged. Notably, about 80% of Enbridge’s EBITDA has a level of protection against inflation via fixed revenue escalators or cost of service contracts.

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Key Statistics ENB

Company Profile ENB

Business Description

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.

425 - 1st Street S.W., Suite 200, Fifth Avenue Place
Calgary, AB, T2P 3L8, Canada
T +1 403 231-3900
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 10,900