What's behind Enbridge's latest 1.6% stock surge?

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Enbridge rises 1.57% today on earnings

Highlights

Enbridge reported GAAP earnings of C$1.3 billion for the third quarter, nearly doubling its profit year-over-year.
The company kept its 2026 adjusted EBITDA and cash flow per share guidance unchanged and extended its dividend growth streak with a C$0.97 payout.
Shares of Enbridge trade near C$67.92 with mixed signals from momentum indicators and are forecast to move between C$65.97 and C$69.88 in the next five days.

Profit surge and acquisitions support strong cash and dividend outlook

Enbridge's third-quarter profit nearly doubled year-over-year, with GAAP earnings of C$1.3 billion and distributable cash flow rising to C$2.7 billion. The company maintained its 2026 adjusted EBITDA and cash flow per share guidance, and continued its 31-year streak of consecutive dividend increases with a C$0.97 quarterly payout. Recent strategic activity includes the completion of more than C$3 billion in gas projects, the acquisition of Laramie Energy assets, and securing deals for Tallgrass, Salt Creek Midstream, and a new Westcoast partnership, with a planned CEO transition set for January 2027.

Anton Kharitonov, expert at Traders Union, sees signs of near-term stability but remains wary about persistent longer-term weakness. He notes that Enbridge’s strong headline results are offset by price action stuck below the 200-day moving average, and that major indicators point to a lack of convincing bullish momentum. Kharitonov focuses on the negative Bull/Bear Power and the weak ADX reading. He is also skeptical about the medium-term impact of recent deal activity and CEO transition, given ongoing selling pressure. "Enbridge still faces structural resistance above C$69.33, and without a clear catalyst, I think downside risk toward C$65.97 cannot be ignored."

Viktoras Karapetjanc, expert at Traders Union, highlights Enbridge’s robust earnings beat and continued dividend growth streak. He underscores that management’s reaffirmed long-term guidance and recent asset acquisitions strengthen the company’s bullish structure. Karapetjanc sees sustained cash flow momentum and strategic expansion as paving the way for upside in the coming months. He believes the current range offers multiple setups for accumulation on dips. "With the C$0.97 dividend confirmed and major deals completed, I expect further growth above C$69.33 as investor confidence builds."

Sholanke Dele, market strategist, believes the broader market remains cautious on Enbridge despite recent positive headlines. Dele notes that intraday momentum is weak and sellers still dominate on all longer-term signals. He points out the CEO transition and ongoing project integration as risk factors that may increase volatility. "Without decisive technical or macro drivers, I remain skeptical of any sustained move above the 200-day moving average for now."

Short-term technical support holds as mixed momentum tempers rally

Enbridge is trading above both the 20-day and 50-day moving averages (C$67.65 and C$67.56, respectively) and remains below the 200-day moving average (C$72.6), suggesting short- and medium-term support with persistent longer-term pressure from sellers. The nearest support is now seen at C$67.65 and resistance at C$69.33, with the 200-day average confirming the longer-term bearish alignment. Momentum readings are mixed. MACD is neutral and the Average Directional Index (ADX) signals weak trend strength with a bearish slant. The Relative Strength Index (RSI), Stochastic RSI, and Commodity Channel Index (CCI) are all in neutral zones. Bull/Bear Power (BBP) is negative, indicating sellers have the intraday advantage. The price is holding near the session’s high and intraday volatility stands at 0.62%. This setup points to strength toward intraday highs, although momentum signals do not decisively support the day’s bullish tone.

Earlier, analysts noted that Enbridge was facing persistent technical resistance and a prevailing downside bias despite operational stability and a supportive regulatory backdrop. The current review confirms lingering longer-term selling pressure but highlights a shift to short- and medium-term support on fresh earnings strength, with C$69.33 now serving as a pivotal resistance level to monitor for a potential upside break.

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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