Enbridge (ENB) closed the most recent trading day at $36.62, moving -0.76% from the previous trading session. This change lagged the S&P 500's 0.07% loss on the day.
The oil and natural gas transportation and power transmission company's stock has climbed by 4% in the past month, exceeding the Oils-Energy sector's gain of 0.36% and the S&P 500's gain of 3.98%.
The investment community will be closely monitoring the performance of Enbridge in its forthcoming earnings report. The company is scheduled to release its earnings on February 9, 2024. In that report, analysts expect Enbridge to post earnings of $0.51 per share. This would mark year-over-year growth of 10.87%. Meanwhile, the latest consensus estimate predicts the revenue to be $9.6 billion, indicating a 2.89% decrease compared to the same quarter of the previous year.
Investors should also note any recent changes to analyst estimates for Enbridge. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.76% increase. Enbridge is currently a Zacks Rank #2 (Buy).
With respect to valuation, Enbridge is currently being traded at a Forward P/E ratio of 17.41. For comparison, its industry has an average Forward P/E of 15.29, which means Enbridge is trading at a premium to the group.
We can additionally observe that ENB currently boasts a PEG ratio of 2.9. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. ENB's industry had an average PEG ratio of 4.34 as of yesterday's close.
The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 84, placing it within the top 34% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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