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Enbridge (ENB) Gains As Market Dips: What You Should Know
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In the latest trading session, Enbridge (ENB - Free Report) closed at $37.27, marking a +1.17% move from the previous day. This move outpaced the S&P 500's daily loss of 0.68%. At the same time, the Dow added 0.47%, and the tech-heavy Nasdaq lost 3.19%.
Coming into today, shares of the oil and natural gas transportation and power transmission company had lost 0.24% in the past month. In that same time, the Oils-Energy sector gained 1.28%, while the S&P 500 gained 3.58%.
Investors will be hoping for strength from Enbridge as it approaches its next earnings release, which is expected to be August 4, 2023. On that day, Enbridge is projected to report earnings of $0.52 per share, which would represent a year-over-year decline of 1.89%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.41 billion, down 28.46% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.21 per share and revenue of $33.85 billion. These totals would mark changes of +2.31% and -17.5%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Enbridge. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.38% higher. Enbridge is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Enbridge's current valuation metrics, including its Forward P/E ratio of 16.68. Its industry sports an average Forward P/E of 16.27, so we one might conclude that Enbridge is trading at a premium comparatively.
Meanwhile, ENB's PEG ratio is currently 2.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Production and Pipelines was holding an average PEG ratio of 4.87 at yesterday's closing price.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 130, putting it in the bottom 49% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Enbridge (ENB) Gains As Market Dips: What You Should Know
In the latest trading session, Enbridge (ENB - Free Report) closed at $37.27, marking a +1.17% move from the previous day. This move outpaced the S&P 500's daily loss of 0.68%. At the same time, the Dow added 0.47%, and the tech-heavy Nasdaq lost 3.19%.
Coming into today, shares of the oil and natural gas transportation and power transmission company had lost 0.24% in the past month. In that same time, the Oils-Energy sector gained 1.28%, while the S&P 500 gained 3.58%.
Investors will be hoping for strength from Enbridge as it approaches its next earnings release, which is expected to be August 4, 2023. On that day, Enbridge is projected to report earnings of $0.52 per share, which would represent a year-over-year decline of 1.89%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.41 billion, down 28.46% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.21 per share and revenue of $33.85 billion. These totals would mark changes of +2.31% and -17.5%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Enbridge. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.38% higher. Enbridge is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Enbridge's current valuation metrics, including its Forward P/E ratio of 16.68. Its industry sports an average Forward P/E of 16.27, so we one might conclude that Enbridge is trading at a premium comparatively.
Meanwhile, ENB's PEG ratio is currently 2.78. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Production and Pipelines was holding an average PEG ratio of 4.87 at yesterday's closing price.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 130, putting it in the bottom 49% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.