Enbridge

ENB · TORONTO

$47.89+$0.77 (+1.63%)TodayMarket closed · Oct 20, 7:51 PM ET

Prev close $47.12

ENB analyst rating

BuyConsensus of 2 analysts over the last 12 months. 50% rate it a buy.

Strong buy0
Buy1
Hold1
Underperform0
Sell0

12-month price target · 24 analysts

Average $56.21 (+17.4% upside)

Low: $39.22
Now: $47.89
High: $63.66

Upgrades and downgrades

The latest rating actions, newest first

ENB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Oct 1, 2026	Initiates	Neutral	$50.00	62%
RBC Capital	Aug 3, 2026	Maintains	Outperform	$79.00 → $84.00	50%
RBC Capital	May 11, 2026	Maintains	Outperform	$76.00 → $79.00	50%
RBC Capital	Feb 17, 2026	Maintains	Outperform	$72.00 → $76.00	50%
RBC Capital	Nov 10, 2025	Maintains	Outperform	$67.00 → $72.00	50%

The case for and against

Updated Oct 31, 2025

Bull case

Enbridge's extensive midstream infrastructure, including its Canadian Mainline system and regulated natural gas utilities, positions the company favorably to capitalize on projected energy demands, with the International Energy Agency forecasting a 7% increase in oil demand and a 29% increase in natural gas demand from 2019 to 2040. The firm’s strategy of engaging in joint ventures allows it to diversify its portfolio while efficiently leveraging capital, ensuring the ability to explore a wider array of opportunities across its core franchises. Additionally, the anticipated strengthening of its leverage position towards the midpoint of its range by 2025 reflects a proactive approach to managing debt and optimizing EBITDA post-acquisition, further solidifying its growth potential.

Bear case

Enbridge's financial outlook is hindered by an elevated debt-to-EBITDA ratio of 4.9x as of Q1/25, which, while a slight improvement from 5.0x at the end of 2024, remains above the company's target range of 4.5-5.0x. Additionally, the company's earnings per share (EPS) forecasts for 2025 and 2026 have been revised downward to $2.95 and $3.18, respectively, primarily due to increasing depreciation and interest expenses. This combination of high leverage and declining EPS projections contributes to a negative outlook on the stock.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.