The trading price of Enbridge Inc. (NYSE:ENB) closed lower on Tuesday, May 23, closing at $36.71, -0.43% lower than its previous close.
Traders who pay close attention to intraday price movement should know that it fluctuated between $36.60 and $37.00. The company’s P/E ratio in the trailing 12-month period was 42.05, while its 5Y monthly beta was 0.88. In examining the 52-week price action we see that the stock hit a 52-week high of $47.67 and a 52-week low of $35.02. Over the past month, the stock has lost -6.87% in value.
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Enbridge Inc., whose market valuation is $74.22 billion at the time of this writing, is expected to release its quarterly earnings report Jul 27, 2023 – Jul 31, 2023. The dividend yield on the company stock is 7.14%, while its Forward Dividend ratio is 2.62. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.53 per share this quarter, however they have predicted annual earnings per share of $2.17 for 2023 and $2.23 for 2024. It means analysts are expecting annual earnings per share growth of 3.30% this year and 2.80% next year.
Analysts have forecast the company to bring in revenue of $8.67 billion for the current quarter, with the likely lows of $6.27 billion and highs of $11.06 billion. The average estimate suggests sales will likely down by -12.60% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $35.16 billion. The company’s revenue is forecast to drop by -11.80% over what it did in 2023.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Enbridge Inc. No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest ENB has a 50% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 100% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.
If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 9.57, which symbolizes a positive outlook. A quick review shows that ENB’s price is currently -5.23% off the SMA20 and -4.67% off the SMA50. The RSI metric on the 14-day chart is currently showing 30.65, and weekly volatility stands at 1.14%. When measured over the past 30 days, the indicator reaches 1.63%. Enbridge Inc. (NYSE:ENB)’s beta value is currently sitting at 0.85, while the Average True Range indicator is currently displaying 0.63.
To see how Enbridge Inc. stock has been performing in comparison to its peers in the industry, here are the numbers: ENB stock’s performance was -0.43% in the latest trading, and -17.58% in the past year, while Hess Corporation (HES) has traded -0.84% on the day and positioned 16.43% higher than it was a year ago. Another comparable company Suncor Energy Inc. (SU) saw its stock close 1.04% higher in the most recent trading session but was down -23.50% in a year. Furthermore, Enterprise Products Partners L.P. (EPD) showed an increase of 0.12% on the day while its price kept declining at -2.62% over the past year. Enbridge Inc. has a P/E ratio of 42.05, compared to Hess Corporation’s 20.14 and Suncor Energy Inc.’s 6.59. Also in last trading session, the S&P 500 Index has plunged -1.12%, while the Dow Jones Industrial also saw a negative session, down -0.69% on the day.
An evaluation of the daily trading volume of Enbridge Inc. (NYSE:ENB) indicates that the 3-month average is 3.52 million. However, this figure has increased over the past 10 days to an average of 3.85 million.
Currently, records show that 2.02 billion of the company’s shares remain outstanding. The insiders hold 9.20% of outstanding shares, whereas institutions hold 70.50%. The stats also highlight that short interest as of Apr 27, 2023, stood at 63.66 million shares, resulting in a short ratio of 23.49 at that time. From this, we can conclude that short interest is 3.14% of the company’s total outstanding shares. It is noteworthy that short shares in April were up slightly from the previous month’s figure, which was 41.34 million. However, since the stock’s price has seen -6.11% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.