# Enbridge Inc. (ENB)

> Source: Nexqual · https://nexqual.com/ENB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Enbridge Inc. (ENB), nexqual.com/ENB" · informational, not investment advice.

**Price:** USD 48.01 (+0.00% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 48.01 · day 47.28–48.27 · 52w 45.03–58.45 · market cap $107B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold ENB (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 2.21 on a 1–5 scale) (24 analysts), mean target USD 51.56 (range 45.58–60).
- Total return with dividends: 1Y +5.9% vs S&P 500 +14.9%; 5Y +51.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.5, revenue estimate $13.4B.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ENB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.06% | $450K | Unchanged |

## Analysts
Consensus Buy (mean 2.21 on a 1–5 scale), 24 analysts; mean target USD 51.56 (low 45.58, high 60).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-03 | RBC Capital | Target raised | Outperform | $79 → $84 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.9% | +51.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.9% | +8.7% |
| Volatility (annualized) | 18.1% | 19.5% |
| Max drawdown | -19.9% (May 2026→Oct 2026) | -27.2% (May 2022→Oct 2023) |

## Peers (Oil & Gas Midstream)
WMB (Williams Companies, Inc. (The)) USD 70.63 -2.98% · EPD (Enterprise Products Partners L.) USD 36.52 -0.19% · KMI (Kinder Morgan, Inc.) USD 33.72 -0.74% · TRP (TC Energy Corporation) USD 61.98 -0.53% · TRGP (Targa Resources, Inc.) USD 289.54 -2.05% · LNG (Cheniere Energy, Inc.) USD 287.01 +0.98%

## More
Full page: https://nexqual.com/ENB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ENB's own 10-K filed 2026-02-13 (https://www.sec.gov/Archives/edgar/data/895728/000119312526049810/enb-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Enbridge Gas | "Gas Distribution and Storage consists of our rate-regulated natural gas utility operations, which serves residential, commercial and industrial customers in Ontario, Québec, Ohio, North Carolina, Utah, Wyoming, and Idaho…" |
| Partner | Westcoast Energy | "We continued to recycle capital at attractive valuations; in 2025, this included Stonlasec8 Indigenous Investments Limited Partnership (the First Nations Partnership), a group of 38 First Nations in British Columbia (BC)…" |
| Partner | Stonlasec8 Indigenous Investments | "We continued to recycle capital at attractive valuations; in 2025, this included Stonlasec8 Indigenous Investments Limited Partnership (the First Nations Partnership), a group of 38 First Nations in British Columbia (BC)…" |
| Partner | Woodfibre LNG | "Woodfibre LNG Project - Liquefaction and floating storage facilities in Squamish, BC, and an expansion of our BC Pipeline system, the construction of which is executed by our partner." |
| Partner | NRGreen Power | "the absence in 2025 of proceeds received from the disposition of our interests in the Alliance Pipeline, Aux Sable, and NRGreen Power Limited Partnership (NRGreen); and" |
| Partner | Aux Sable Midstream | "the absence in 2025 of a gain on sale of $1.1 billion ($765 million after-tax) on the disposition of our interests in the Alliance Pipeline and Aux Sable Liquid Products LP, Aux Sable Midstream LLC, and Aux Sable Canada …" |
| Partner | Includes Vector Pipeline | "Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US." |
| Partner | Canada and Vector Pipeline | "Includes Vector Pipeline Limited Partnership in Canada and Vector Pipeline L.P. in the US." |
| Partner | PEMBINA PIPELINE CORP (PBA) | "On April 1, 2024, we closed the sale of our 50.0% interest in the Alliance Pipeline, our interest in Aux Sable and our interest in NRGreen Power Limited Partnership (NRGreen) to Pembina Pipeline Corporation for $3.1 bill…" |
| Partner | Whistler Parent | "On May 29, 2024, we formed a joint venture (the Whistler Parent JV) with WhiteWater/I Squared Capital (WhiteWater/I Squared) and MPLX LP (MPLX) that will develop, construct, own and operate natural gas pipeline and stora…" |

Other companies that name ENB in their own reports (relationship from ENB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | CANADIAN NATURAL RESOURCES Ltd (CNQ) | 40-F 2026-03-26 | "Natural gas is distributed to customers in Canada via the TC Canadian Mainline and other pipelines such as the Enbridge Westcoast system." |
| partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | 10-K 2026-02-27 | "We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc." |
| partner | PLAINS GP HOLDINGS LP (PAGP) | 10-K 2026-02-27 | "We operate the Cactus II Pipeline and own a 70% interest in Cactus II, the entity that owns the Cactus II Pipeline, through a joint venture with Enbridge Inc." |
| partner | Marathon Petroleum Corp (MPC) | 10-K 2026-02-26 | "(b) 2025 includes gains from the BANGL Acquisition, the Ethanol Joint Venture Sale and the Rockies divestiture. 2024 includes the gain resulting from MPLX and its joint venture partner contributing th…" |
| partner | MPLX LP (MPLX) | 10-K 2026-02-26 | "(2) The year ended December 31, 2025 includes $2.4 billion for the Northwind Midstream Acquisition, $703 million for the BANGL Acquisition, $235 million for the acquisition of Whiptail Midstream, LLC,…" |
| partner | Phillips 66 (PSX) | 10-K 2026-02-20 | "Prior to the DCP Midstream Merger, we and Enbridge each held a 50% interest and jointly governed DCP Midstream, whose primary assets are its general partner and limited partner interests in DCP Midstr…" |
| partner | Targa Resources Corp. (TRGP) | 10-K 2026-02-19 | "WPC is a joint venture owned 50.6% by WhiteWater Midstream LLC ("WhiteWater"), 30.4% by MPLX LP, and 19.0% by Enbridge Inc. The Blackcomb pipeline is designed to transport up to 2.5 Bcf/d of natural g…" |
| partner | Energy Transfer LP (ET) | 10-K 2026-02-19 | "•SESH, a 50/50 joint venture with Enbridge Inc., provides transportation services in Louisiana, Mississippi and Alabama." |
| partner | NEW JERSEY RESOURCES CORP (NJR) | 10-K 2025-11-20 | "Steckman Ridge is a Delaware limited partnership, jointly owned and controlled by our subsidiaries and subsidiaries of Enbridge Inc., which built, owns and operates a natural gas storage facility with…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Liquids Pipelines | $2.79B | 9.5% | -6.2% |
| Gas Distributionand Storage | $2.06B | 7.1% | +5.5% |
| Gas Transmission | $1.67B | 5.7% | +8.6% |
| Renewable Power Generation | $77.0M | 0.3% | +48.1% |
| Total revenue | $29.19B | 100% | — |
The lines above cover 22.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commodity Sales Revenue | $22.59B | 77.4% | +178.0% |
| Transportation & Other Services Revenues | $4.89B | 16.8% | -1.9% |
| Transportation Revenue | $2.72B | 9.3% | -6.0% |
| Gas Distribution Revenue | $1.84B | 6.3% | +4.4% |
| Storageand Other Revenue | $66.0M | 0.2% | -12.0% |
| Total revenue | $29.19B | 100% | — |
The lines above cover 110% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $42.12B | 64.6% | +33.8% |
| Canada | $23.08B | 35.4% | +4.9% |
| Total revenue | $65.19B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-13).

## Company outlook (8-K filed 2026-07-31)

- "Guidance and Grows Secured Backlog to $41B CALGARY, AB, July 31, 2026 /CNW/ - Enbridge Inc."
- "(Enbridge or the Company) (TSX:ENB) (NYSE:ENB) today reported second quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.50 | $0.53 | -5.4% | $13.35B | 12 |
| Next quarter (ends 2026-12-31) | $0.83 | $0.84 | -1.6% | $15.86B | 11 |
| Current fiscal year (ends 2026-12-31) | $2.90 | $2.88 | +0.5% | $82.05B | 19 |
| Next fiscal year (ends 2027-12-31) | $3.15 | $3.19 | -1.2% | $74.66B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±5.2%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.6% | ±5.2% |
| 2026-12-18 | 56 | 19.0% | ±6.1% |
| 2027-01-15 | 84 | 19.5% | ±7.5% |
| 2027-04-16 | 175 | 18.8% | ±10.4% |