$ENB.TO

Enbridge Maintained at Hold at TPH Following Model Update; Price Target at C$77.00

Tudor, Pickering, Holt on Wednesday reiterated its hold rating on the shares of Enbridge (ENB.TO, ENB) with a C$77.00 price target as it revisited its financial models for the company."We are updating our ENB model, nudging 2026 estimates slightly higher while moving 2027+ lower. Our 2026 Adj. EBITDA now stands at C$20,732MM (Street C$20,600MM) and 2027 at C$21,789MM (Street C$21,855MM). At the segment level, Liquids saw the largest revision, while all other segments moved higher. Mainline drove the biggest change within Liquids, as we adjusted our rate base model to keep returns below the upper end of the ROE collar. Importantly, our model does not yet include MLO2, which would push estimates higher and more than recoup the EBITDA trimmed in this update. ENB closed the FSP + SAX open season for 250mbpd at the end of May, and depending on shipper interest, we expect this to support a positive FID on the Q2 call. Benchmarking cost per barrel against MLO1, we size the project at roughly US$2.0-2.5B, with the bulk of spending falling in 2027-2028. Our FY'26 growth capex estimate already sits slightly above the top of the guidance range at C$11.9B (Street C$11.6B), and heavier spending lifts our leverage over the next couple of years until these larger, lumpier projects enter service. In Renewables, we layered in the new Cone project and revised how we model the associated tax benefits," analyst AJ O'Donnell wrote.(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..com/contact-us)Price: $78.65, Change: $+1.13, Percent Change: +1.46%

Canadian Energy Infrastructure Companies' Q1 Results Mostly In Line, CIBC Says

First-quarter results of Canadian energy infrastructure companies broadly aligned with expectations, with midstreamers pointing to upside in their guidance if market conditions hold, CIBC Capital Markets said.Pembina Pipeline (PPL.TO) hedged enough exposure to raise its guidance outright, and others could follow as the year progresses, CIBC said.During the quarter, CIBC found notable the number of projects announced in the United States relative to Canada, which could be attributed to a more advanced data center buildout in that market and the related demand for energy infrastructure.Among the potential catalysts for the sector include ongoing regulatory reform and execution of the Canada-Alberta memorandum of understanding.Keyera (KEY.TO) intends to give an updated pro forma outlook in June, while Pembina is expected to announce a final investment decision on the Greenlight Energy Center project.Price: $53.81, Change: $+0.09, Percent Change: +0.16%

Enbridge And Enbridge Pipelines Announces Debt Exchange Proposal

Enbridge (ENB.TO, ENB) and its unit Enbridge Pipelines (EPI) are seeking the approval of the holders (EPI noteholders) of 14 outstanding series of EPI's medium term note debentures (EPI notes) to exchange all outstanding EPI notes for an equal principal amount of newly issued medium term notes of Enbridge (Enbridge notes), having financial terms that are the same as the financial terms of the EPI notes, it said on Monday.The Enbridge notes will be governed by its existing medium term note trust indenture dated as of Oct. 20, 1997, as amended and supplemented, which governs Enbridge's other senior Canadian dollar unsecured debt securities, it said. The note exchange transaction is being proposed to give EPI "flexibility to operate its business, while also delivering a range of operational, structural and capital markets benefits to EPI, Enbridge and the EPI Noteholders," it added.The record date for determining the EPI noteholders entitled to vote on the note exchange transaction has been set as the close of business on May 20.Shares of the company were last seen down 0.7% at $79.62 on the Toronto Stock Exchange.Price: $79.62, Change: $-0.57, Percent Change: -0.71%

TSX Down 14 Points in Choppy Trade as Materials Weigh

The Toronto Stock Exchange is down 14 points in choppy trade midday, weighed down by the mining sector, which has shed 4%.Most sectors are higher, with best performers energy and info tech, up 2.2% and 1.8%, respectively.According to Morningstar Canada, Canadian energy stocks have unseated resource stocks as the main driver of the stock market this year. Energy stocks have rallied, fueled by higher oil prices on the back of the Iran war. The energy sector is projected to drive the equity market's upward march for the near term, Morningstar added.Three energy stocks in Morningstar's Canada coverage had their fair value estimates raised by a "meaningful amount" following first-quarter earnings reports. Morningstar analyst Adam Baker raised his price target on the shares of Enbridge (ENB.TO) to $75 from $66, TC Energy (TRP.TO) to $80 from $68 and Tourmaline Oil (TOU) to $57 from $54.The Canadian consumer price index rose 2.8% year over year in April on rising energy prices, up from an increase of 2.4% in March, said the country's statistical agency on Tuesday. But April's CPI was lower than the 3.1% year over year consensus figure provided by MUFG.The removal of the consumer carbon levy in April 2025, which resulted in monthly declines for gasoline and natural gas, has now fallen out of the 12-month movement, putting upward pressure on the all-items CPI. Excluding gasoline, the CPI rose at a slower pace year over year in April (+2.0%) compared with March (+2.2%), StatsCan added.TD Economics isn't yet seeing much of a knock-on effect to non-energy-related goods or services, noting core inflation pressures were actually softer than expected in April. There is little argument yet for Bank of Canada rate hikes here, and market pricing for rate hikes this year has come down a bit early Tuesday, TD added.Oil prices have remained high in May, so energy prices are likely to keep headline inflation elevated for some time, said the bank. Given a generally soft economic backdrop in Canada, TD expects the effect on core prices to be more "modest." Core inflation is expected to stay reasonably close to the 2% target on a year-on-year basis this year, it added.

RBC Lifts Enbridge's Price Target to C$79 from C$76

RBC Capital Markets over the weekend raised Enbridge's (ENB.TO) price target to C$79 from $76 with an outperform rating.Enbridge's first-quarter results that aligned with expectations, as well as the reiteration of its guidance ranges, provide the company with accelerated opportunities with attractive risk-adjusted returns."For investors, all these should lead to a more durable growth trajectory that extends beyond 2030, if not also a higher growth rate moving forward," RBC said."With multiple catalysts in the near-term to validate this view, and backed by its tried-and-tested capital allocation philosophy, we remain constructive on Enbridge's stock," RBC said.RBC traded at $74.16 per share at last look Monday on the Toronto Stock Exchange.Price: $74.40, Change: $+1.07, Percent Change: +1.45%

Enbridge Target Raised To C$73 From C$72, Keeps Sector Perform at National Bank On Q1 and As "Project Backlog Filling Up Nicely"

Enbridge Target Raised To C$73 From C$72, Keeps Sector Perform at National Bank On Q1 and As "Project Backlog Filling Up Nicely"

Enbridge's Q1 Earnings Fall YoY Amid Commodity Market Volatility

Enbridge (ENB.TO)'s earnings declined year over year in the first quarter, the company said Friday, amid commodity market volatility driven by the Middle East war.The company posted attributable GAAP earnings of C$1.67 billion, or $0.77 per share, in the three months ended March 31, compared to $2.26 billion, or $1.04 per common share, recorded in the year-ago period.Analysts expected GAAP earnings of $0.96 per share, based on consensus estimates compiled by FactSet.The company's adjusted earnings slipped year over year to $2.13 billion, or $0.98 per share, from $2.24 billion, or $1.03 per share.The analyst consensus non-GAAP earnings estimate was $0.95, according to FactSet.Adjusted EBITDA inched down to $5.81 billion in the first quarter from $5.83 billion in the previous year."The past several months have presented some of the most volatile and complex conditions the global energy sector has faced in decades," President and Chief Executive Officer Greg Ebel said."Commodity price fluctuations, rapidly shifting geopolitical dynamics, and unprecedented supply disruptions have significantly impacted the energy landscape," Ebel said. "Throughout this period, Enbridge--alongside the North American energy industry--has continued to deliver critical energy to homes and businesses around the world."Enbridge reaffirmed its 2026 financial guidance including adjusted EBITDA of between $20.2 billion and $20.8 billion and post-2026 adjusted EBITDA, discounted cash flow per share, and earnings per share near-term average compound annual growth rate of about 5%.

Earnings Flash (ENB.TO) Enbridge Inc. Posts Q1 Adjusted EPS C$0.98 per Share, vs. FactSet Est of C$0.95

Enbridge Reaffirms 2026 Financial Guidance, and Grows Secured Backlog to $40 Billion

Enbridge Q1 Adjusted Earnings of $2.1B or $0.98 Per Common Share

RBC Changes Estimates for Select Canadian Energy Infrastructure Companies

RBC Capital Markets on Monday outlined estimate changes for select Canadian energy infrastructure companies ahead of the first-quarter earnings season.RBC raised the EBITDA estimate for Capital Power (CPX.TO) to C$400 million from $360 million while lowering the EBITDA forecast for Keyera (KEY.TO) to $210 million from $260 million. RBC cited seasonality profile changes to hedging and the related impacts.The EBITDA projection for Northland Power (NPI.TO) was raised to $430 million from $405 million to reflect RBC's expectation of higher European offshore wind resources.RBC cut the EBITDA estimate for TransAlta (TA.TO) to $217 million from $235 million due to lower power production levels.RBC raised its earnings forecast for Emera (EMA.TO) to $1.20 per share from $1.17 per share mainly due to more favorable weather at Tampa Electric, and higher-than-expected pricing volatility.The discounted cash flow estimate for Enbridge (ENB.TO) was lowered to $1.72 from $1.75 to reflect the anticipated impact from regulatory decisions by the CER on its MTS financial return calculation.RBC reduced its EBITDA estimate for Gibson Energy (GEI.TO) to $149 million from $154 million, driven by lower observed shipping activity.The earnings forecast for Hydro One (H.TO) was raised to $0.64 per share from $0.58 per share due to a higher-than-expected Ontario 60-minute peak demand and rate base growth.RBC boosted the EBITDA estimate for Pembina (PPL.TO) to $1.097 billion from $1.063 billion, primarily due to improvements in the frac spread benefiting Marketing.Price: $66.88, Change: $-0.37, Percent Change: -0.55%

Feds Approve Enbridge's British Columbia Natural Gas Pipeline Expansion

The Federal government has approved Enbridge's (ENB.TO) $4 billion natural gas expansion of its Westcoast pipeline system in British Columbia, the company said on Friday.The Sunrise expansion program will add 300 million cubic feet per day of natural gas transportation capacity to the southern portion of the Westcoast pipeline system. Natural gas transported on the Westcoast system is used to heat homes, hospitals, businesses, and schools, and also supports electric power generation, industrial activity across B.C. and global LNG exports.The project will contribute more than $3 billion to Canada's economy, and will see 2,500 workers being hired during construction. More than $52 million has been spent on the hiring and procuring of services from Indigenous businesses, a statement added.Construction is scheduled to begin in July, with a targeted in-service date in late 2028."Leading up to and throughout construction, Enbridge will continue to work with Indigenous groups, local communities, contractors and other stakeholders. As part of our commitment to supporting local businesses, Enbridge is procuring pipe for the Sunrise Expansion Program from InterPro Pipe + Steel, a Canadian steel mill and pipe provider, who will use Canadian workers and expertise to produce the pipe." said Matthew Akman, Enbridge's executive vice president and president, gas transmission.Enbridge shares were last seen up US$0.09, to US$52.60, in New York trading.

Market Chatter: Supreme Court Rules Against Enbridge in Michigan Effort to Close Line 5 Pipeline

The Supreme Court on Wednesday ruled against Enbridge's efforts to move a case seeking to shut down the Line 5 pipeline from Michigan state court, according to Oil Price Information Service, which is operated by Dow Jones & Co., but is run independently from Dow Jones Newswires and The Wall Street Journal.In a unanimous decision, the high court ruled the Canadian company had waited too long to seek the move to a federal court. While the law allows for case participants to seek a change of venue within 30 days of a case being filed, Enbridge waited 887 days, according to the decision by Justice Sonia Sotomayor."The Court of Appeals therefore correctly held that Enbridge's notice of removal was untimely and that this action must be remanded to the Michigan state court," Sotomayor wrote in the 18-page decision.OPIS said the ruling is a defeat for Enbridge, which has long argued that its operation of the 540,000 b/d pipeline is a federal, not state, matter. Enbridge says federal law and a treaty with Canada govern pipeline operations and Michigan does not have the authority to order a shutdown, it noted.(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)