Enbridge stock: Scotiabank trims 2026 EPS estimate

Scotiabank lowered its full-year earnings estimate for Enbridge to 2.04 US dollars per share from 2.08, according to MarketBeat. The report, published on Friday, November 13, said the estimate was below the 2.10 US dollar consensus forecast, while Scotiabank maintained its Strong Buy rating and issued a 2.22 US dollar estimate for the following year.

What changed for the outlook

The analyst revision adds a fresh market view to Enbridge's recent earnings update. Scotiabank's lower estimate contrasts with management's unchanged financial framework, leaving investors to weigh near-term earnings expectations against the company's project pipeline and dividend profile.

Enbridge reported its third-quarter results on November 6 for the three months ended September 30. In its Enbridge release, the company said adjusted earnings rose to 1.074 billion Canadian dollars from 997 million Canadian dollars a year earlier. Adjusted EBITDA increased to 4.434 billion Canadian dollars from 4.267 billion, while distributable cash flow reached 2.689 billion Canadian dollars compared with 2.566 billion.

Projects add scale and execution risk

Management reaffirmed its full-year adjusted EBITDA guidance of 20.2 billion to 20.8 billion Canadian dollars and distributable cash flow per-share guidance of 5.70 to 6.10 Canadian dollars. It also retained a medium-term average annual growth outlook of approximately 5 percent for adjusted EBITDA, distributable cash flow per share and earnings per share.

The company placed more than 3 billion Canadian dollars of gas transmission projects into service during the quarter. Enbridge also announced the planned acquisition of Tallgrass Energy's crude oil business for 2.55 billion US dollars, completed the 0.6 billion US dollar Salt Creek Midstream acquisition and reported a secured growth backlog of approximately 38 billion Canadian dollars.

For investors, the latest signal is mixed rather than one-directional: operating performance and management guidance remain firm, while the Scotiabank revision points to more cautious earnings expectations. Funding, integration and project delivery remain important factors for the income-oriented investment case.

The Canadian energy infrastructure group trades under ENB on the Toronto Stock Exchange and the New York Stock Exchange.

Canadian equities can be followed in the Current market reports.

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