Enbridge stock gets a JPMorgan target cut before Q3 results

Published on 10/07/2026 at 16:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

JPMorgan lowered its Enbridge target from CAD 81 to CAD 76 on October 6 while keeping Neutral. Q2 revenue reached CAD 29.32 billion before the November 6 report.

ENB, CA29250N1050, Illustration mit AI erstellt.

Enbridge stock (ISIN CA29250N1050) was trading at USD 46.23 on the NYSE at 10:03 a.m. ET on October 7, 2026, down 0.67 percent from the prior close. The immediate catalyst is a fresh JPMorgan view, while the next company checkpoint is the third-quarter report scheduled for November 6, 2026. For investors, the tension is clear: the operating base remains large, but the latest target reset points to a more cautious near-term view.

JPMorgan trims its target

According to Markets Insider on October 6, 2026, JPMorgan lowered its Enbridge price target from CAD 81 to CAD 76 and kept a Neutral rating. The firm cited a seasonal step-down expected in the third-quarter report, making the November release the next test for the pipeline operator.

The target change contrasts with a broader positive consensus. MarketBeat reported on October 6, 2026, that 14 research firms carried a Moderate Buy consensus, with eight Buy ratings, five Hold ratings and one Strong Buy rating.

Q2 revenue reached CAD 29.32 billion

Enbridge entered the next reporting cycle after a mixed second quarter. MarketScreener identified Q2 2026 operating revenue of CAD 29.32 billion and adjusted earnings per share of CAD 0.63 for the period ended June 30, 2026. The earnings figure was below the CAD 0.65 reported for the prior-year quarter, even as the revenue base expanded.

Zacks wrote on August 3, 2026, that adjusted EBITDA increased 2.8 percent year over year to CAD 4.8 billion. The same report said distributable cash flow per share rose to CAD 1.35 from CAD 1.33, while higher depreciation and interest expense weighed on adjusted earnings.

Consensus target sits above USD 65

The MarketBeat consensus average of USD 65.88 stands 42.5 percent above the October 7 NYSE price of USD 46.23. That gap is materially larger than JPMorgan's revised CAD 76 target suggests in its own currency, so the next earnings release will help investors judge whether the wider consensus or the more cautious bank view better reflects current execution.

ENB remains below its yearly high

At USD 46.23 on the NYSE on October 7, 2026, Enbridge stock was 20.9 percent below its 52-week high of USD 58.45 and above the 52-week low of USD 45.03. The company will announce third-quarter results before markets open on November 6, 2026, according to Enbridge.