Enbridge Third Quarter Adjusted Profit Rises 23%, Shares Surge

Enbridge (IN B), North America’s largest energy infrastructure company, reported higher adjusted profit in the third quarter of 2021 than a year earlier, thanks to a rebound in crude prices.

Adjusted profit beats estimates

The pipeline company reported third quarter profit of C $ 682 million (C $ 0.34 per share), down 15% from C $ 990 million (C $ 0.49 per share) earlier. is one year old.

On an adjusted basis, Enbridge earned C $ 1.2 billion (C $ 0.59 per share) in the third quarter of 2021, up from adjusted earnings of C $ 961 million (C $ 0.48 per share) in the third quarter of 2020. This exceeds the average analyst estimate of C $ 0.57.

Guidelines for the whole year reaffirmed

Enbridge President and CEO Al Monaco said: “In the third quarter, the company delivered strong operating performance and financial results across our four franchises. Our low-risk business model continues to deliver predictable results and the execution of our strategic priorities is driving strong growth in cash flow and earnings per share. “

Enbridge has reaffirmed its guidance for EBITDA and CDF per share for fiscal 2021. It expects EBITDA and CDF to be in the range of C $ 13.9 billion to C $ 14.3 billion. Canadian dollars and C $ 4.70 to C $ 5.00 per share, respectively. (See the top analyst stocks on TipRanks)

Analyst recommendations

On October 25, Credit Suisse analyst Andrew Kuske downgraded ENB to Hold from Buy with a price target of C $ 56. This implies an upside potential of 4.2%.

Overall, ENB achieves a strong buy consensus rating among analysts based on nine buys and three locks. Enbridge’s average target price of C $ 56.17 implies upside potential of 4.6% from current levels.

Smart TipRanks Score

Enbridge achieves a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform the overall market.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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