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Enbridge (ENB) Stock Sinks As Market Gains: What You Should Know
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In the latest trading session, Enbridge (ENB - Free Report) closed at $35.50, marking a -0.92% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw an increase of 0.36%.
The the stock of oil and natural gas transportation and power transmission company has fallen by 1.35% in the past month, leading the Oils-Energy sector's loss of 5.22% and undershooting the S&P 500's gain of 2.4%.
Market participants will be closely following the financial results of Enbridge in its upcoming release. The company plans to announce its earnings on February 9, 2024. On that day, Enbridge is projected to report earnings of $0.50 per share, which would represent year-over-year growth of 8.7%. Meanwhile, the latest consensus estimate predicts the revenue to be $9.62 billion, indicating a 2.68% decrease compared to the same quarter of the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.68% higher. Enbridge is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 16.96. This valuation marks a premium compared to its industry's average Forward P/E of 14.95.
One should further note that ENB currently holds a PEG ratio of 2.83. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Production and Pipelines stocks are, on average, holding a PEG ratio of 4.22 based on yesterday's closing prices.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 157, positioning it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Enbridge (ENB) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Enbridge (ENB - Free Report) closed at $35.50, marking a -0.92% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.08%. Meanwhile, the Dow experienced a drop of 0.26%, and the technology-dominated Nasdaq saw an increase of 0.36%.
The the stock of oil and natural gas transportation and power transmission company has fallen by 1.35% in the past month, leading the Oils-Energy sector's loss of 5.22% and undershooting the S&P 500's gain of 2.4%.
Market participants will be closely following the financial results of Enbridge in its upcoming release. The company plans to announce its earnings on February 9, 2024. On that day, Enbridge is projected to report earnings of $0.50 per share, which would represent year-over-year growth of 8.7%. Meanwhile, the latest consensus estimate predicts the revenue to be $9.62 billion, indicating a 2.68% decrease compared to the same quarter of the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.68% higher. Enbridge is currently a Zacks Rank #2 (Buy).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 16.96. This valuation marks a premium compared to its industry's average Forward P/E of 14.95.
One should further note that ENB currently holds a PEG ratio of 2.83. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Oil and Gas - Production and Pipelines stocks are, on average, holding a PEG ratio of 4.22 based on yesterday's closing prices.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 157, positioning it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.