Canada's Enbridge profit beat estimates, reaffirms 2026 outlook
ENB•Q2 results beat estimates
- Canada energy infrastructure firm's Q2 adjusted EPS and net income beat analyst expectations
- Adjusted EBITDA rose yr/yr, driven by higher revenues in key segments
- Company reaffirmed 2026 guidance and grew secured project backlog to C$41 bln
Result drivers and key details
- GAS TRANSMISSION REVENUES - Higher revenues from East Tennessee and Texas Eastern rate cases drove Gas Transmission adjusted EBITDA growth
- LIQUIDS PIPELINES VOLUMES - Higher Mainline and Line 9 volumes and system optimization supported Liquids Pipelines results, partly offset by lower tolls and revenue from expiring agreements
- GAS DISTRIBUTION RATE INCREASES - Higher base rates in Enbridge Gas Utah and Enbridge Gas North Carolina contributed to Gas Distribution and Storage adjusted EBITDA growth
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 Adjusted EPS | Beat | C$0.63 | C$0.59 (10 Analysts) |
| Q2 EPS | C$0.64 | ||
| Q2 Adjusted Net Income | Beat | C$1.38 bln | C$1.36 bln (5 Analysts) |
| Q2 Adjusted EBITDA | C$4.78 bln |
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 14 "hold" and 1 "sell" or "strong sell". The average consensus recommendation for the oil & gas transportation services peer group is "buy." Wall Street's median 12-month price target for Enbridge Inc is C$79.00, about 1.7% above its July 30 closing price of C$77.68. The stock recently traded at 25 times the next 12-month earnings vs. a P/E of 25 three months ago.
