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Enbridge (ENB) Stock Falls Amid Market Uptick: What Investors Need to Know
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The latest trading session saw Enbridge (ENB - Free Report) ending at $35.79, denoting a -0.83% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily gain of 0.88%. Meanwhile, the Dow gained 0.54%, and the Nasdaq, a tech-heavy index, added 1.35%.
The the stock of oil and natural gas transportation and power transmission company has risen by 2.09% in the past month, leading the Oils-Energy sector's loss of 3.78% and the S&P 500's gain of 0.64%.
The investment community will be closely monitoring the performance of Enbridge in its forthcoming earnings report. The company is scheduled to release its earnings on February 9, 2024. The company is predicted to post an EPS of $0.51, indicating a 10.87% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $9.6 billion, down 2.89% from the prior-year quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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. Within the past 30 days, our consensus EPS projection has moved 1.37% higher. Enbridge is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, Enbridge is currently trading at a Forward P/E ratio of 16.97. This valuation marks a premium compared to its industry's average Forward P/E of 14.94.
One should further note that ENB currently holds a PEG ratio of 2.83. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Production and Pipelines was holding an average PEG ratio of 4.29 at yesterday's closing price.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 164, placing it within the bottom 35% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Enbridge (ENB) Stock Falls Amid Market Uptick: What Investors Need to Know
The latest trading session saw Enbridge (ENB - Free Report) ending at $35.79, denoting a -0.83% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily gain of 0.88%. Meanwhile, the Dow gained 0.54%, and the Nasdaq, a tech-heavy index, added 1.35%.
The the stock of oil and natural gas transportation and power transmission company has risen by 2.09% in the past month, leading the Oils-Energy sector's loss of 3.78% and the S&P 500's gain of 0.64%.
The investment community will be closely monitoring the performance of Enbridge in its forthcoming earnings report. The company is scheduled to release its earnings on February 9, 2024. The company is predicted to post an EPS of $0.51, indicating a 10.87% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $9.6 billion, down 2.89% from the prior-year quarter.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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. Within the past 30 days, our consensus EPS projection has moved 1.37% higher. Enbridge is currently a Zacks Rank #1 (Strong Buy).
In terms of valuation, Enbridge is currently trading at a Forward P/E ratio of 16.97. This valuation marks a premium compared to its industry's average Forward P/E of 14.94.
One should further note that ENB currently holds a PEG ratio of 2.83. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Production and Pipelines was holding an average PEG ratio of 4.29 at yesterday's closing price.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 164, placing it within the bottom 35% of over 250 industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.