Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price46.65 USD
Fair value35.23
Ethical score70.0/100
Our investment reviews on this name
2026-07-30Read Distribution56.86-18.0% to today ✓
2026-07-18Read Markup56.31-17.2% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Enbridge Inc holds its Distribution at $46.65. The statistical read favours the sellers, held for 1 days.
As held on the ledger · 2026-09-29
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 1 days
Price at the screen
$46.65
Valuation
25.49 trailing · 20.54 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.77
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
48.18%
Below 33%
Interest-bearing debt is 48.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
3.74%
Below 49%
Money owed to the company is 3.7% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Enbridge's business is in a permissible area, but its interest-bearing debt is about 48% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-07. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-29 screen. The gold marker is the market price at the same screen. The price runs 24.5% above the base estimate.
Third-party analyst targets: 4 covering, consensus Buy. The average target sits +10% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-29 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Steady pipelines priced well beyond their worth
Picture a pipeline that keeps oil and gas moving across Canada and the US. The flows look reliable, yet the bill to own a slice of that network has climbed far above what the cash flows can justify at current prices.
Enbridge clears the ethical screen and shows decent revenue growth, yet the forward multiple sits at 25 times while our fair value sits 37 percent below the market price. A narrow moat and middling returns on equity do not support paying up in a sector where volumes and margins swing with commodity cycles.
The low opportunity rating flags the classic trap: peak cycle earnings can flatter multiples that later compress when volumes ease. Consensus targets already sit below the current quote, underlining the gap between price and value.
The risks · The things to watch: its business and earnings are exposed to Canada and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ENB trades on the NYSE (the company is based in Canada). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Distribution$46.65-6.8%Entry 12
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51.
2026-08-30Distribution$50.08-11.9%Entry 11
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 11.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51.
2026-07-31Distribution$56.86+0.0%Entry 10
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-28Markup$56.86+0.0%Entry 8
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-27Markup$56.86+0.0%Entry 7
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-26Markup$56.86+0.0%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-25Markup$56.86+0.3%Entry 5
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-24Markup$56.71+0.7%Entry 4
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Markup$56.31+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 15% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (4 analysts) rates it buy, with a mean price target of $51.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
