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Globe says Enbridge's U.S. unit's Q1 beats estimates

2015-05-05 08:18 ET - In the News

The Globe and Mail reports in its Tuesday, May 5, edition that though the first quarter results of Enbridge Energy Partners LP beat expectations, Credit Suisse analyst John Edwards is focused on a restructuring review to be announced in the middle of 2015. The Globe's David Leeder writes in the Eye On Equities column that Enbridge previously announced a plan to transfer control of $10-billion (U.S.) in pipelines to Enbridge Energy Partners, a United States-based subsidiary. The move is currently under review, with financial terms and timing among the elements of the deal yet to be announced. The company's first quarter earnings before interest, taxes, depreciation and amortization was $432-million (U.S.), ahead of the consensus forecast of $419-million (U.S.). Discounted cash flow was 3 per cent higher than Mr. Edwards's estimate at $197-million (U.S.), largely due to lower maintenance capital expenditures. He raised his price target to $48 (U.S.) from $47 (U.S.). The consensus price from analysts is $40.79 (U.S.).

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