Analysts surveyed by FactSet project that the Canadian energy infrastructure company will post adjusted earnings of 39 cents per share on revenue of $6.49 billion.
In the same quarter last year, Enbridge reported adjusted earnings of 36 cents per share on revenue of $6.32 billion.
In September, Enbridge said that it would buy natural gas infrastructure company Spectra Energy (SE) for about $28 billion. The deal would create the largest North American energy infrastructure company with an enterprise value of roughly $127 billion.
The transaction is expected to close in the 2017 first quarter.
Additionally, oil prices were slumping this afternoon after the biggest weekly build in U.S. crude stockpiles on record, according to Reuters.
The Energy Information Administration said earlier today that crude inventories rose by 14.4 million barrels last week to total 482.6 million barrels.
Wall Street was looking for an increase of 1.0 million barrels, Reuters reports.
Crude oil (WTI) was down 3.11% to $45.22 per barrel while Brent crude was lower by 3.10% to $46.65 per barrel this afternoon.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, generally higher debt management risk and poor profit margins.
You can view the full analysis from the report here: ENB