Analysts Raise Price Targets for Enbridge (ENB)

Enbridge Inc. (NYSE:ENB) is included among the 10 Best Renewable Energy Dividend Stocks to Buy Now.

Enbridge Inc. (NYSE:ENB) is a midstream energy operator that focuses on transporting and distributing oil, natural gas, and natural gas liquids. The company has also committed more than $8 billion in capital to renewable energy projects currently in operation or under construction.

Enbridge Inc. (NYSE:ENB) received a boost on November 10 after attracting positive attention from a number of analysts. RBC Capital analyst Maurice Choy raised the stock’s price target from C$67 to C$72, while maintaining an ‘Outperform’ rating on its shares. Moreover, National Bank analyst Patrick Kenny also raised the firm’s price target on ENB from C$65 to C$66, while keeping a ‘Sector Perform’ rating on its shares. Finally, BMO Capital also raised its price target on Enbridge Inc. (NYSE:ENB) from C$66 to C$67 and kept a ‘Market Perform’ rating on the shares.

That said, Enbridge Inc. (NYSE:ENB) reported mixed results for its third quarter recently, with its adjusted EPS of $0.33 falling short of estimates by $0.04. However, the company’s revenue of $10.43 billion managed to exceed expectations by a significant $2 billion. Enbridge also announced a quarterly dividend of C$0.9425 per share.

Gregory Abel, President and CEO of Enbridge Inc. (NYSE:ENB), stated the following regarding the company’s renewables segment in the Q3 earnings call:

“Renewable projects have been a great place to invest in the last few years, driven by strong PPA prices, decreasing supply costs, and the associated tax benefits. The four projects on this slide showcase over 2 gigawatts of power backed by agreements with some of the largest technology and data center players in the world, including Amazon and Meta. Fox Squirrel and Orange Grove are currently operational. Sequoia Solar will fully enter service in 2026 and Clear Fork will follow entering service in 2027. Looking ahead, we still have a number of projects in the queue that we’re advancing. But as always, we’ll remain opportunistic and continue to stand by our strict investment criteria.”

While we acknowledge the potential of ENB as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.