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Enbridge Inc ENB Stock Quote

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Morningstar‘s Stock Analysis ENB

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Enbridge's Q3 Was Strong; We Expect Near-Term Weakness in Energy Services

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

Enbridge’s third-quarter results were strong, given the positive project and M&A announcements, in our view. After updating our model, we are maintaining our Enbridge fair value estimates and narrow moat rating. Enbridge reaffirmed its 2022 EBITDA outlook of a midpoint of CAD 15.3 billion and will update investors with its 2023 outlook later in November. However, with the recent decline in oil, gas, and natural gas liquids pricing, we expect near-term softness due to narrower spreads in the energy services business, so we’ve trimmed our 2023 forecast (but not enough to impact our fair value). Enbridge also noted that when the Trans Mountain pipeline enters service potentially in late 2023, it expects Mainline to take a perhaps 10% hit on utilization, or roughly 300,000 barrels per day, which will take several years to recover from as shipping ramps up volumes.

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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 Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 10,900