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.

Related News:
Canadian Natural Resources Earn C $ 2.2 billion in Profit, Beats Estimates
Parkland acquires Urbieta Oil; Pop Actions
Cenovus posts third quarter earnings, doubles dividend

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

About Larry Noble

Check Also

KPRA Reports Successfully Running “Restaurant Bill Monitoring System” – Business & Finance

PESHAWAR: The Khyber Pakhtunkhwa Revenue Authority (KPRA) is successfully operating the Restaurant Invoice Monitoring System …

Leave a Reply

Your email address will not be published.