Fair ValuationDespite liking ENB's ~6% dividend yield and diverse energy infrastructure franchise, the shares are considered fairly valued at current levels.
Stock 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.
Tariff UncertaintyCdn. energy sentiment has been negative of late on U.S. tariff uncertainty and ENB shares have outperformed YTD (also to the market's surprise).