Why is Enbridge stock down 1.5% today?

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Enbridge slides 1.59% today to c$66.26

Highlights

Enbridge posted C$1.3 billion in GAAP earnings for Q3 2026, with adjusted EBITDA rising 4% to $4.4 billion due to Gas Transmission growth.
Over $3 billion in new gas transmission assets entered service and the company completed two acquisitions, reaffirming 2026 guidance and a $38 billion secured growth backlog.
Shares of Enbridge trade below key moving averages under sustained selling pressure, with an expected five-day range of C$64.31 to C$67.31 and high probability of further downside.

Earnings growth and asset deals fail to shift bearish market sentiment

Enbridge Inc. reported GAAP earnings of C$1.3 billion for Q3 2026, and adjusted EBITDA increased 4% year-over-year to $4.4 billion, reflecting growth in the Gas Transmission segment. Over $3 billion in gas transmission projects were brought into service during the quarter, including B.C. Pipeline expansions and the Tennessee Ridgeline project. The company completed the acquisitions of Tallgrass Energy’s crude oil business and Salt Creek Midstream's gathering assets, and the Board declared a quarterly dividend of C$0.97 per share. CEO Greg Ebel announced plans to retire in early 2027, and Enbridge reaffirmed its 2026 guidance and a secured growth backlog of $38 billion, though price action has remained under broader selling pressure.

Anton Kharitonov, expert at Traders Union, sees sustained weakness in Enbridge despite robust quarterly earnings. He notes that technical signals remain bearish, with price action stuck under major moving averages and limited momentum upside. The analyst considers ongoing macro pressures and persistent selling as red flags, questioning the market's appetite for the recent asset expansions. Kharitonov cautions that positive intraday signals do not override the overall risk of further declines. "Sellers remain firmly in control, and any upside appears temporary unless price reclaims C$67.31 decisively," he warns.

Viktoras Karapetjanc, expert at Traders Union, interprets Enbridge’s Q3 results as a strong signal of business model resilience and growth execution. He highlights the expansion in gas transmission, successful asset acquisitions, and a secured C$38 billion backlog as clear indicators of further upside. The analyst is confident that broader market volatility is masking underlying investor optimism and dividend strength. "With robust earnings and visible growth projects, I see the market offering multiple setups for a fresh bullish move above C$67.31," Karapetjanc states.

Sholanke Dele, market strategist, points to a deteriorating sentiment around Enbridge as seller pressure dominates and volatility stays muted. He believes recent leadership retirement news adds another layer of uncertainty, dulling the impact of headline earnings. Dele concludes, "Until buyers regain conviction above resistance, I remain skeptical of a near-term recovery for the stock."

Selling dominates as price lags averages and technical signals diverge

Enbridge is trading below its 20-day, 50-day, and 200-day moving averages at C$67.61, C$67.68, and C$72.59, which signals persistent seller pressure across timeframes. The near-term resistance is at C$66.85, while support lies at C$64.31, and the overall alignment of the moving averages confirms a bearish structure. On the momentum side, MACD and ADX highlight underlying buy interest, but both the Relative Strength Index (RSI) and Commodity Channel Index (CCI) remain neutral. The Stochastic RSI is oversold, and Bull/Bear Power (BBP) is positive, indicating buyers currently hold the upper hand intraday. The stock now trades at C$66.26 after a downside gap of roughly -0.71% and is positioned near the lower boundary of today's static range, with intraday volatility flat. This underlines persistent selling since the open, even as several momentum signals diverge.

Earlier, analysts noted that Enbridge's outlook remained under pressure from bearish technical signals and persistent leverage concerns. The current setup reinforces this view, with sustained downside risk dominating and a close below C$64.31 likely to trigger further weakness in the near term.

Source of Data: ENB Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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