Death by 25 cuts The ENB share price has been down 25 days to 10 up days since ENB announced they were going to raise money via the open market.
Unlike the Sept 5, 2023 announcement about raising $4 billion via a bought deal that knocked the share price down $2.85 in a day, this time around the pain has been slow but agonizingly steady. Since the latest "at the market" announcement the share price has dropped from $50.33 (pre-announcement) to $48.22 whcih is $2.11.
One would think that a lot of risk associated with the acquistion of the 3 natgas companies will have dissipated since September. Another factor is that this time around, the deal is likely to be much smaller ($2.75 billion announced vs $4.6 billion actual last round). As such, it is logical to think that most if not all of the sting of the next ENB raise should have already been mitigated.
But, when were markets ever rational?