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Enbridge Downward Trend, Recoverable or Not?



Enbridge Inc. ENB has not given us an update as to their earnings since last month and within such period, they have lost a notable amount of 5.5%. Would Enbridge be able to bounce back and come back stronger from that loss or this already marks their downfall? Before we make any conclusions, it is better than we give a deeper scrutiny of their recent financial report to better weigh things out.

2018 Results (1st Quarter)

It is very notable that Enbridge’s first quarter is full of improvements as Canadian Mainline and Lakehead System have higher liquid delivery volumes. This is in addition to the influences brought by acquisitions and the developments on new projects. In fact, the first quarter’s income rose 14.2% compared to the past few years and it was able to surpass Zacks Consensus by 23%.

Analysis of Segments

Liquid Pipelines: The operating income of liquid pipelines is (Canadian Dollar) $1,627 million has increased up to 23% compared to the income a year ago. This is due to the increase of delivery on Canadian Mainline and Lakehead System.

Gas Transmission: The acquisitions and new projects have caused the booming of this segment from $472 million in the first quarter of 2017 to $1,046 million to this year’s first quarter.

Gas Distribution: The rising of the demand from active customers have caused the gas distribution to skyrocket up to 69% compared to the gains from January to March last year. Today, this segment boasts a 646 million Canadian Dollars profit from the C$381 million of last year.

Green Power and Transmission: This has earned C$139 million which is notably higher to its C$101 million last 2017.

Energy Services: During the first quarter of 2017, this segment has loss C$4 million yet was able to recover this year and has gained C$22 million during the first quarter of 2018.

Total Operating Expenses:

Enbridge has reported C$11,848 million for total operating expenses which is 21% higher to the operating expenses of the first quarter of 2017.

Estimates Movement, downward or upward?

Investors and analysts have been seeing a downward trend for all fresh estimates.

VGM Scores

Currently, Enbridge’s Growth Score and momentum front grade is A while a grade of B on the value side. However, considering the VGM Score, this stock still has garnered a score of A which makes it very suitable when it comes to growth and momentum investors. Value investors may opt to look elsewhere basing from the scores.

Overall Outlook

The stock estimates’ trend, as well as the magnitude of the revisions, is both trending downward. Plus, ENB’s ranking in Zacks is still in #3 which means “hold.” However, amidst all these, it is still expected that this stock will be able to have an in-line return in the coming months.


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