Enbridge Maintained at Hold at TPH Following Q3 Results; Price Target at C$53.00

MT Newswires Live11-01

Tudor, Pickering, Holt on Friday reiterated its hold rating on the shares of Enbridge (ENB.TO, ENB) with a C$53.00 price target after the pipeline and utility company reported third-quarter results.

"Neutral. Adjusted EBITDA of C$4,201MM came in slightly better than TPHe (C$4,145) and the average Street estimate (C$4,187MM). The better-than-expected results were mostly driven by the Liquids and Eliminations segments, which outperformed our estimates by a combined C$121MM. A portion was offset by lower results from Gas Distribution and Renewables. ENB reiterated FY'24 guidance of C$17.7B - C$18.3B, but indicated coming in at the top end of the range," analyst AJ O'Donnell wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 56.75, Change: +0.51, Percent Change: +0.91

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