Tudor, Pickering, Holt on Friday reiterated its hold rating on the shares of Enbridge (ENB.TO, ENB) with a C$61.00 price target following the company's second-quarter results.

"Positive. Second quarter adj. EBITDA of C$4,644MM was better than TPHe at C$4,601MM and the Street at C$4,529MM. Strength in ENB's gas businesses were generally offset by lower-than-expected results from Liquids, Renewables, and the Eliminations segment (hedges). Starting with Liquids, Mainline volumes and EBITDA of 3mmbpd and C$1,304MM, respectively, were in line with our model and continue to see strong throughput with the pipeline in apportionment 6 of 8 months this year. The company noted that they completed an oversubscribed FSP open season, inching them closer to making an FID on Phase 1 of the Mainline Optimization later this year. On their USGC and Mid-Con systems, adj. EBITDA C$348MM was slightly below TPHe at $369MM, driven by lower volumes from FSP and Spearhead. On the project front, ENB noted that the first phase of the Gray Oak expansion (+80mbpd) entered service with the remaining +40mbpd on track for mid-2026. In GTM, adj. EBITDA of C$1,384MM was ahead of TPHe at $1,301MM. The beat was predominantly driven by the Canadian assets, which benefited from higher volumes and utilization at Aitken Creek," 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)

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