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Enbridge (ENB) to Focus on Natural Gas Amid Energy Transition
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Enbridge Inc. (ENB - Free Report) identifies new growth potential in its extensive natural gas business as the energy transition takes hold of the entire oil and gas industry.
The company, which is the largest energy infrastructure firm in North America, has the majority of its business focused on storing and transporting fossil fuels. Thus, Enbridge sees natural gas as a great enabler for the energy transition as it is a cheap and reliable source of energy, which can smoothen energy transition.
Canada is a major exporter of natural gas to the United States and addresses the global demand for this fuel. Hence, the Calgary-based company would place the transition appropriately as natural gas is the cleanest-burning hydrocarbon, which can positively impact energy transition by reducing emissions and replacing coal.
Another Canada-based pipeline company, TC Energy Corporation (TRP - Free Report) , with the biggest natural gas pipeline system in North America, sees adequate opportunities to invest resources in its natural gas business.
Notably, both companies plan to develop the latest technologies such as implementing more carbon capture, and storage and hydrogen solutions to reduce emissions. Storage and transportation assets will be essential in energy transition as natural gas, which is most commonly transported by pipelines, will continue to play a significant role in the energy economy for decades.
Enbridge and TC Energy, two of the largest pipeline companies in Canada, are increasingly investing in clean energy projects and looking to develop the latest technologies to transport hydrogen. Notably, by 2030, Enbridge aims to reduce emission intensity by 35% and reach net-zero emissions by 2050.
Company Profile & Price Performance
Headquartered in Calgary, Alberta, Enbridge is a leading energy infrastructure company.
Shares of the company have outperformed the industry in the past three months. The stock has gained 11.7% compared with the industry’s 10.8% growth.
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Goodrich Petroleum Corporation , currently sporting a Zacks Rank #1 (Strong Buy), and Viper Energy Partners LP (VNOM - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Goodrich’s earnings for 2021 are expected to increase 8.4% year over year.
Viper Energy’s earnings for 2021 are expected to rise 46.2% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Enbridge (ENB) to Focus on Natural Gas Amid Energy Transition
Enbridge Inc. (ENB - Free Report) identifies new growth potential in its extensive natural gas business as the energy transition takes hold of the entire oil and gas industry.
The company, which is the largest energy infrastructure firm in North America, has the majority of its business focused on storing and transporting fossil fuels. Thus, Enbridge sees natural gas as a great enabler for the energy transition as it is a cheap and reliable source of energy, which can smoothen energy transition.
Canada is a major exporter of natural gas to the United States and addresses the global demand for this fuel. Hence, the Calgary-based company would place the transition appropriately as natural gas is the cleanest-burning hydrocarbon, which can positively impact energy transition by reducing emissions and replacing coal.
Another Canada-based pipeline company, TC Energy Corporation (TRP - Free Report) , with the biggest natural gas pipeline system in North America, sees adequate opportunities to invest resources in its natural gas business.
Notably, both companies plan to develop the latest technologies such as implementing more carbon capture, and storage and hydrogen solutions to reduce emissions. Storage and transportation assets will be essential in energy transition as natural gas, which is most commonly transported by pipelines, will continue to play a significant role in the energy economy for decades.
Enbridge and TC Energy, two of the largest pipeline companies in Canada, are increasingly investing in clean energy projects and looking to develop the latest technologies to transport hydrogen. Notably, by 2030, Enbridge aims to reduce emission intensity by 35% and reach net-zero emissions by 2050.
Company Profile & Price Performance
Headquartered in Calgary, Alberta, Enbridge is a leading energy infrastructure company.
Shares of the company have outperformed the industry in the past three months. The stock has gained 11.7% compared with the industry’s 10.8% growth.
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Goodrich Petroleum Corporation , currently sporting a Zacks Rank #1 (Strong Buy), and Viper Energy Partners LP (VNOM - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Goodrich’s earnings for 2021 are expected to increase 8.4% year over year.
Viper Energy’s earnings for 2021 are expected to rise 46.2% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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