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Enbridge (ENB) Outperforms Broader Market: What You Need to Know
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Enbridge (ENB - Free Report) closed the most recent trading day at $31.86, moving +1.5% from the previous trading session. This change outpaced the S&P 500's 1.2% gain on the day. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
The oil and natural gas transportation and power transmission company's stock has dropped by 5.42% in the past month, exceeding the Oils-Energy sector's loss of 5.73% and lagging the S&P 500's loss of 3.58%.
The upcoming earnings release of Enbridge will be of great interest to investors. The company's earnings report is expected on November 3, 2023. The company is predicted to post an EPS of $0.43, indicating a 15.69% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $7.88 billion, indicating a 11.15% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.22 per share and a revenue of $33.99 billion, indicating changes of +2.78% and -17.18%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enbridge. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.66% lower within the past month. Enbridge is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 14.12. This represents a discount compared to its industry's average Forward P/E of 14.76.
Meanwhile, ENB's PEG ratio is currently 2.35. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Oil and Gas - Production and Pipelines industry stood at 4.92 at the close of the market yesterday.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 151, positioning it in the bottom 41% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Enbridge (ENB) Outperforms Broader Market: What You Need to Know
Enbridge (ENB - Free Report) closed the most recent trading day at $31.86, moving +1.5% from the previous trading session. This change outpaced the S&P 500's 1.2% gain on the day. Elsewhere, the Dow saw an upswing of 1.58%, while the tech-heavy Nasdaq appreciated by 1.16%.
The oil and natural gas transportation and power transmission company's stock has dropped by 5.42% in the past month, exceeding the Oils-Energy sector's loss of 5.73% and lagging the S&P 500's loss of 3.58%.
The upcoming earnings release of Enbridge will be of great interest to investors. The company's earnings report is expected on November 3, 2023. The company is predicted to post an EPS of $0.43, indicating a 15.69% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $7.88 billion, indicating a 11.15% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.22 per share and a revenue of $33.99 billion, indicating changes of +2.78% and -17.18%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enbridge. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate has moved 1.66% lower within the past month. Enbridge is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 14.12. This represents a discount compared to its industry's average Forward P/E of 14.76.
Meanwhile, ENB's PEG ratio is currently 2.35. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Oil and Gas - Production and Pipelines industry stood at 4.92 at the close of the market yesterday.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 151, positioning it in the bottom 41% 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.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.