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ENB · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Enbridge, Inc. (ENB) stock moving?
ENB peaked at $49.46 on Oct 30 and slid to $46.89 on Nov 6, the day it reported Q3 results on 10.5M shares, roughly double the recent average. Results were mixed: adjusted EBITDA of $4.4B and DCF of $2.7B were solid, 2026 guidance was reaffirmed, and over $3B of gas transmission projects were placed into service. Against that, Benzinga reported adjusted EPS of $0.35 versus a $0.36 estimate, and the $3.0B equity offering that funded the Tallgrass and Salt Creek acquisitions adds dilution. The stock has since stabilized, closing at $47.76 on Nov 10 after a low of $46.375 on Nov 6. The dividend of $0.97 is payable Dec 1, and a Buy rating with a $59.51 target was reaffirmed on Nov 9. The Pathways CO2 pipeline interest is an early-stage option rather than a booked contract. Overall, the evidence supports a neutral near term with a constructive medium-term view, pending evidence that the acquisitions lift earnings.
News behind the analysis
- Analyst Maintains Buy Rating and Price Target for Enbridge Inc.Analyst Robert Hope reaffirmed a 'Buy' rating and a $59.51 price target for ENB, about 25% above the Nov 10 close of $47.76.
- Enbridge Expresses Interest in Pathways Carbon Capture ProjectManagement confirmed interest in building the CO2 transportation pipeline for the proposed Pathways carbon capture and storage project in Alberta.
- Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial GuidanceQ3 adjusted EBITDA reached $4.4B and DCF $2.7B, with 2026 guidance reaffirmed. The company also announced the $2.6B Tallgrass crude oil acquisition and closed a $3.0B common equity offering.
- Enbridge Q3 Adj. EPS $0.35 Misses $0.36 Estimate, Sales $15.062B Beat $10.320B EstimateBenzinga reported adjusted EPS of $0.35, one cent below consensus, while sales came in well above the $10.320B estimate.
- Enbridge Gas Ontario Announces $600,000 Investment in Fire and Carbon Monoxide SafetyEnbridge Gas is investing $600,000 in fire and carbon monoxide safety initiatives across Ontario through its Safe Community Project Zero program.
- Wall Street's Most Accurate Analysts Spotlight On 3 Energy Stocks Delivering High-Dividend YieldsEnbridge was highlighted among high-dividend energy stocks with a 5.68% yield, with mixed analyst ratings and updated price targets.
- Enbridge Inc. Declares Quarterly DividendsEnbridge declared a quarterly dividend of $0.9700 per common share, payable on December 1, 2026.
About Enbridge, Inc
Enbridge is a Calgary-based energy infrastructure company that runs one of North America's largest networks of crude oil and natural gas pipelines. It also owns big gas utilities in Canada and the US, plus some renewable power assets. It's known for its long record of dividend growth: 2026 was its 31st straight annual increase.
How it makes money
Most of its earnings come from fees for moving crude oil and liquids (roughly half of core earnings, mainly on the Mainline system that carries Western Canadian oil to the US) and natural gas (roughly a quarter) through long-term contracts and regulated tolls. Regulated gas distribution and storage utilities in Ontario, Ohio, Utah and North Carolina bring in roughly another fifth, with a small share from renewable power. Because so much of this revenue is fee-based, it depends less on commodity prices. Results are reported in Canadian dollars.
What usually moves ENB
- Interest rates and borrowing costs
- Pipeline volumes and Western Canadian oil production growth
- New projects and growth backlog (about C$41 billion secured)
- Utility rate case and regulatory decisions
- Dividend growth and share issuance