Enbridge, the Energy sector company, was revisited by a Wall Street analyst today. Analyst Lloyd Byrne from Jefferies maintained a Buy rating on the stock and has a C$72.00 price target.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Lloyd Byrne has given his Buy rating due to a combination of factors that highlight Enbridge’s strong performance and future potential. Enbridge’s second-quarter results exceeded consensus expectations, with EBITDA surpassing estimates by 2.5%, largely driven by the US Gas Transmission and Midstream segment. The company maintained its guidance for FY25 EBITDA and growth targets, indicating confidence in its strategic direction.
Additionally, Enbridge is making progress with open seasons in the US crude sector and has sanctioned smaller projects in the Gas Transmission and Midstream segment, which contribute to its robust project backlog. The inclusion of Woodfibre LNG capital further strengthens this backlog. Despite a leverage ratio of 4.7x, the market’s anticipation for a guidance raise was not met, yet the overall results were solid, reinforcing the Buy recommendation.
In another report released on July 30, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a C$71.00 price target.