ENB situation

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Do you think that ENB’s weakness is mostly due to the Michigan situation, or is the stock down for other reasons? What did you think of heir quarterly report?

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Asked on May 27, 2021 9:26 am
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Hi there,

It hasn't been that weak - company is still up 15% year to date which trails TRP by only a few percentage pionts. However, there is no question that the Michigan situation is holding it back somewhat. Same as Keyston XL was weighing down TRP but eventually, it moved past that albatross - so too will Enbridge.

In terms of quarterly results, the company handily beat estimates as it re-iterated both EBITDA and free cash flow guidance for this year. The company expects its core businesses to show strong utilization rates for the balance of the year and IMO it was just a steady quarter.

Nothing flashy, recovering nicely and set up for a strong 2021.

Mat
(I am long ENB)

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Posted by Mathieu Litalien
Answered on May 28, 2021 5:42 am
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