Enbridge Posts C$1.9B 1Q Profit On Higher Oil Prices

Enbridge Inc (ENB), North America’s largest energy infrastructure company, swung back to profit in the first quarter of 2021. The pipeline company has benefited from a steady recovery in oil Read More... The post Enbridge Posts C$1.9B 1Q Profit On Higher Oil Prices appeared first on TipRanks Financial Blog.

Enbridge Posts C$1.9B 1Q Profit On Higher Oil Prices

Enbridge Inc (ENB), North America’s largest energy infrastructure company, swung back to profit in the first quarter of 2021. The pipeline company has benefited from a steady recovery in oil prices and energy demand.

Enbridge’s operating revenue came in at C$12.2 billion in the quarter ended March 31, 2021, up from C$12 billion in the first three months of 2020.

Meanwhile, the company reported a profit of nearly C$1.9 billion (C$0.94 per share) in the first quarter compared to a loss of C$1.4 billion (C$0.71 per share) a year ago.

On an adjusted basis, Enbridge earned C$0.81 per share in 1Q 2021, down from an adjusted profit 0f C$0.83 in 1Q 2020.

Enbridge’s President and CEO Al Monaco said, “Our strong operational performance combined with highly contracted and utility cash flows translated into strong financial results. Distributable cash flow for the quarter is up over the first quarter of last year, which was largely unaffected by the pandemic. That's an excellent outcome, and it shows how resilient our business is in the most turbulent economic conditions. Our balance sheet is in great shape and provides us with a lot of flexibility."

"We also continued to strengthen our base business and are on track to achieve the cost efficiencies we set out in our 2021 guidance, and are confident in our ability to further enhance returns through our leading edge technology and innovation labs in Calgary and Houston”, added Monaco. (See Enbridge Inc stock analysis on TipRanks)

In April, Barclays analyst Christine Cho maintained a Buy rating on ENB with a C$50.00 price target (5% upside potential).

Overall, ENB scores a Strong Buy consensus rating among analysts based on 9 Buys. The average analyst price target of C$54.66 implies a 15% upside potential to current levels.

On top of that, Enbridge scores a 10 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform the overall market. Shares have risen by more than 15% year-to-date.

Related News:
Magna Posts Better-Than-Expected 1Q Results, Profit More Than Doubles
Cineplex’s 1Q Revenue Falls 85% As Most Theaters Remain Closed; Shares Drop 5%
Canadian Natural Resources Posts C$1.38B 1Q Profit, Beats Estimates

The post Enbridge Posts C$1.9B 1Q Profit On Higher Oil Prices appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

What's Your Reaction?

like
0
dislike
0
love
0
funny
0
angry
0
sad
0
wow
0

Next Article

Telus Posts Lower 1Q Profit, Raises Quarterly Dividend

Telus Corp (T) revenue increased 9% in its first quarter, but profit fell almost 6% from a year ago. The national telecom company reported 31,000 net additions of mobile customers Read More... The post Telus Posts Lower 1Q Profit, Raises Quarterly Dividend appeared first on TipRanks Financial Blog.

Telus Posts Lower 1Q Profit, Raises Quarterly Dividend

Telus Corp (T) revenue increased 9% in its first quarter, but profit fell almost 6% from a year ago. The national telecom company reported 31,000 net additions of mobile customers and 51,000 fixed customers, thanks in part to the Telus’ PureFibre service.

Telus' revenue came in at C$4.02 billion for the quarter ended March 31, up 9% from C$3.69 billion in the prior-year quarter.

Profit was C$333 million (C$0.25 per share) in the first quarter of 2021, a decrease of 5.7% from C$353 million (C$0.28 per share) in the same quarter last year. After adjusting for restructuring and other costs, Telus’ earnings came in at C$0.27 per share in 1Q 2021, down from C$0.32 per share in 1Q 2020. In addition, Telus raised its quarterly dividend to C$0.3162 per share, up 8.6% from the prior year.

Telus’ Executive Vice-president and CFO Doug French said, "Our first-quarter results announced today demonstrate the resiliency of our business, our leading execution, and the critical importance of providing world-leading broadband experiences along with superior bundled solutions. These results are further enhanced by the strength and diversity of our fast-growing asset mix centered around higher-valued technology-oriented sectors. In that regard, our TELUS International, TELUS Health, and TELUS Agriculture assets all delivered strong revenue growth driven in part by recent acquisitions, as well as organic growth, as those businesses successfully drive new customer growth.” (See Telus Corp stock analysis on TipRanks)

Earlier this week, RBC Capital analyst Drew Mcreynolds reiterated a Buy rating on the stock with a C$30.00 price target (14.2% upside potential).

Overall, the consensus on the Street is that Telus is a Strong Buy based on 9 Buys and 2 Holds. The average analyst price target of C$31.37 implies an upside potential of about 19.3% to current levels. Shares have jumped by approximately 15% over one year.

Related News:
Air Canada Posts C$1.3B 1Q Loss On Lower Traffic
Spin Master Delivers Strong Revenue And Profit Growth In 1Q; Shares Pop 10%
Cineplex’s 1Q Revenue Falls 85% As Most Theaters Remain Closed; Shares Drop 5%

The post Telus Posts Lower 1Q Profit, Raises Quarterly Dividend appeared first on TipRanks Financial Blog.

Source : Tip Ranks More   

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.