Tudor, Pickering, Holt on Wednesday maintained its hold rating on the shares of Enbridge (ENB.TO, ENB) with a C$61.00 price target ahead of first-quarter results from the pipeline and utility company.
"We've made some modeling tweaks ahead of ENB's Q1'25 report. Our latest estimate stands at C$5,546MM vs the Street at C$5,460. At the segment-level, we're attributing the better-than-expected results to GTM, GD, and Renewables. First, beginning with the Liquids segment, we're inline with the Street (TPHe C$2,432MM vs C$2,453MM) for adj. EBITDA and expect to see strong Mainline utilization this quarter, with the pipeline in apportionment from January through March. We expect volumes will come in at 3.1mmbpd, or roughly flat vs Q4'24. Looking ahead, utilization should come down in Q2 as PADD 2 refiners enter turnaround season and spring break-up affects WCSB production," analyst AJ O'Donnell wrote.
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