Market PerformanceDespite the solid quarter, unchanged 2025/near-term guidance, and positive comments on the call, ENB shares were the worst performer in our coverage universe erasing 4% and ~$5.7B of value.
Market SentimentCdn. energy sentiment has been negative of late on U.S. tariff uncertainty and ENB shares have outperformed YTD (also to the market's surprise).
Stock ValuationThe shares are believed to be fairly valued at current levels, suggesting limited immediate upside in stock price.