Market PerformanceDespite the solid quarter, unchanged 2025/near-term guidance, and positive comments on the call, ENB shares were the worst performer in our coverage universe erasing 4% and ~$5.7B of value.
Market SentimentCdn. energy sentiment has been negative of late on U.S. tariff uncertainty and ENB shares have outperformed YTD (also to the market's surprise).
ValuationDespite the strong performance and yield, shares are considered fairly valued at the current levels, implying limited upside.