Anthony Linton, an analyst from Jefferies, reiterated the Buy rating on Enbridge (ENB – Research Report). The associated price target is C$54.00.
Anthony Linton has given his Buy rating due to a combination of factors starting with the successful acquisition of the East Ohio Gas company by Enbridge, which marks the first of three anticipated closings in ENB’s substantial US utility procurement strategy. Linton acknowledges the strength and diversification of Enbridge’s asset base and the company’s disciplined capital allocation and growth execution, further supported by a $25 billion secured growth project backlog. This positions Enbridge well for future expansion and reflects positively on its earnings outlook.
Moreover, Linton has upgraded the price target for Enbridge following an improved EBITDA forecast and a series of new capital investments that are expected to fuel growth. Enbridge’s commitment to maintaining balance sheet strength, with a leverage target well within its long-term range, and a cash flow profile that is predominantly low-risk, underpins the decision to reiterate a Buy rating. The company’s focus on capital-efficient projects and potential strategic acquisitions offer additional upside, justifying a modestly increased price target of $54.
According to TipRanks, Linton is a 4-star analyst with an average return of 12.1% and a 72.06% success rate. Linton covers the Energy sector, focusing on stocks such as Enbridge, Paramount Resources, and Pembina Pipeline.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a C$54.00 price target.
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Enbridge (ENB) Company Description:
Enbridge, Inc. is a Canadian energy infrastructure company that transports crude and other liquid hydrocarbons. The pipeline giant is also engaged in renewable power generation, gas distribution and storage as well as energy marketing services.
Read More on ENB:
- Enbridge Completes Acquisition of The East Ohio Gas Company
- Dominion Energy Announces Closing of Sale of Ohio Natural Gas Distribution Company
- Dominion closes sale of Ohio natural gas distribution company to Enbridge
- Enbridge price target lowered to C$51 from C$53 at Barclays
- Enbridge (NYSE:ENB) to Extend Its 29-Year Streak of Dividend Growth
