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Enbridge (ENB) Stock Drops Despite Market Gains: Important Facts to Note
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Enbridge (ENB - Free Report) closed at $35.79 in the latest trading session, marking a -0.86% move from the prior day. This move lagged the S&P 500's daily gain of 0.28%. Elsewhere, the Dow saw an upswing of 0.53%, while the tech-heavy Nasdaq appreciated by 0.4%.
Shares of the oil and natural gas transportation and power transmission company have appreciated by 2.79% over the course of the past month, outperforming the Oils-Energy sector's loss of 10.93% and lagging the S&P 500's gain of 3.78%.
The investment community will be paying close attention to the earnings performance of Enbridge in its upcoming release. The company is slated to reveal its earnings on August 2, 2024. It is anticipated that the company will report an EPS of $0.47, marking a 7.84% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $5.69 billion, indicating a 26.68% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.14 per share and a revenue of $24.55 billion, signifying shifts of +3.38% and -24.23%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0.47% rise in the Zacks Consensus EPS estimate. Enbridge is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 16.84. For comparison, its industry has an average Forward P/E of 17.08, which means Enbridge is trading at a discount to the group.
Meanwhile, ENB's PEG ratio is currently 3.37. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. ENB's industry had an average PEG ratio of 3.28 as of yesterday's close.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 108, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Enbridge (ENB) Stock Drops Despite Market Gains: Important Facts to Note
Enbridge (ENB - Free Report) closed at $35.79 in the latest trading session, marking a -0.86% move from the prior day. This move lagged the S&P 500's daily gain of 0.28%. Elsewhere, the Dow saw an upswing of 0.53%, while the tech-heavy Nasdaq appreciated by 0.4%.
Shares of the oil and natural gas transportation and power transmission company have appreciated by 2.79% over the course of the past month, outperforming the Oils-Energy sector's loss of 10.93% and lagging the S&P 500's gain of 3.78%.
The investment community will be paying close attention to the earnings performance of Enbridge in its upcoming release. The company is slated to reveal its earnings on August 2, 2024. It is anticipated that the company will report an EPS of $0.47, marking a 7.84% fall compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $5.69 billion, indicating a 26.68% downward movement from the same quarter last year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $2.14 per share and a revenue of $24.55 billion, signifying shifts of +3.38% and -24.23%, respectively, from the last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Enbridge. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 0.47% rise in the Zacks Consensus EPS estimate. Enbridge is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Enbridge is holding a Forward P/E ratio of 16.84. For comparison, its industry has an average Forward P/E of 17.08, which means Enbridge is trading at a discount to the group.
Meanwhile, ENB's PEG ratio is currently 3.37. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. ENB's industry had an average PEG ratio of 3.28 as of yesterday's close.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 108, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.