Morningstar

Enbridge Inc ENB

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Stock XNYS Rating as of
$41.06 −0.08 (0.19%)
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As of Delayed Price Closed

Company Report

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South Bow Spinoff Will Allow TC Energy to Focus Its Efforts on More Capital-Intensive Businesses

Andrew Bischof,

In June 2024, TC Energy shareholders approved the spinoff of the firm’s liquids pipelines business. The spinoff will be called South Bow Corporation. We reduce our fair value estimate to CAD 53 from CAD 67 and maintain our narrow moat rating for the remaining TC Energy firm. South Bow has a lower-risk growth profile as compared with the overall TC Energy business, so divesting this liquids pipelines segment will allow TC Energy to focus on segments that are generating strong returns on capital, such as renewable energy.

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Price vs Fair Value

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ENB is trading at a 174% premium.
Price
$41.06
Fair Value
$81.00
Uncertainty
Medium
1-Star Price
$46.93
5-Star Price
$41.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Enbridge is the liquids-focused version of gas-oriented Williams in terms of an attractive, highly regulated, utilitylike earnings profile.

Bears

Due to its size and profile, Enbridge is a lightning rod for ESG-related legal and stakeholder challenges across its assets, including Lines 3 and 5 and its small stake in the troubled Dakota Access pipeline.

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News

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Trading Information

Previous Close Price
$41.14
Day Range
$40.79–41.35
52-Week Range
$31.03–41.35
Bid/Ask
$40.66 / $41.07
Market Cap
$89.40 Bil
Volume/Avg
2.2 Mil / 4.0 Mil

Key Statistics

Price/Earnings (Normalized)
20.16
Price/Sales
2.70
Dividend Yield (Trailing)
6.52%
Dividend Yield (Forward)
6.60%
Total Yield
6.52%

Company Profile

Enbridge owns extensive midstream assets that transport hydrocarbons across the us and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada’s largest natural gas distribution company. The firm has a small renewables portfolio primarily focused on onshore and offshore wind projects.
Sector
Energy
Industry
Oil & Gas Midstream
Stock Style Box
Large Value
Total Number of Employees
11,500
Website
https://www.enbridge.com

Competitors

Valuation

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Metric
ENB
TRP
KMI
Price/Earnings (Normalized)
 20.1613.7320.30
Price/Book Value
 2.032.271.68
Price/Sales
 2.703.753.32
Price/Cash Flow
 9.568.179.24
Price/Earnings
ENB
TRP
KMI

Financial Strength

Metric
ENB
TRP
KMI
Quick Ratio
 0.520.470.23
Current Ratio
 0.770.760.37
Interest Coverage
 2.892.702.78
Quick Ratio
ENB
TRP
KMI

Profitability

Metric
ENB
TRP
KMI
Return on Assets (Normalized)
 3.16%4.07%3.57%
Return on Equity (Normalized)
 10.26%17.44%8.24%
Return on Invested Capital (Normalized)
 5.90%6.86%6.22%
Return on Assets
ENB
TRP
KMI

Oil & Gas Midstream Industry Comparables

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Morningstar Rating for Stocks
Capital Allocation
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Market Cap
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TRP
PxtmnzvWglqllm$45.7 Bil
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VztrdjpnkHlyht$45.7 Bil
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ZzfbtqfwVzfpt$41.7 Bil
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TRGP
JpxfwzczRktnx$33.6 Bil

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