Tudor, Pickering, Holt on Friday maintained its hold rating on the shares of Enbridge (ENB.TO, ENB) and its C$71.00 price target following the company's fourth-quarter results.

"Neutral. Adjusted EBITDA of C$5,213MM was higher than TPHe at C$5,092MM and the Street at C$5,127MM. Segment results were mixed, with the beat primarily driven by stronger Liquids Pipelines and Renewables, partially offset by Gas Transmission and Gas Distribution. Liquids Adj. EBITDA was C$2,446MM compared to TPHe of C$2,384MM, with higher results across most subsegments except Gulf Coast and Mid-Continent (which declined y/y due to lower Flanagan South spot volumes). Mainline volumes averaged 3.1mmbpd for the full year, in line with TPHe (3.1mmbpd), with the system apportioned for nine months. In Gas Transmission, Adj. EBITDA was C$1,312MM compared to TPHe at C$1,339MM. ENB's US assets slightly underperformed our expectations, but were partially offset by higher Canadian and Other earnings. Gas Distribution came in at C$1,139MM versus TPHe at C$1,163MM, while Renewables reported C$211MM versus TPHe at C$180MM. ENB's Eliminations segment beat by C$80MM (TPHe C$25MM vs. C$105MM actual). On growth projects, ENB placed C$5B worth of projects in-service during 2025 and sanctioned C$14B of new projects during the year. The company disclosed annual investment capacity of C$10-11B, up C$1B from the previous range," analyst AJ O'Donnell wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 72.66, Change: +2.04, Percent Change: +2.89