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 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.
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