Enbridge Inc. (NYSE:ENB) Plans Dividend Increase – $0.68 Per Share

Enbridge Inc. (NYSE:ENB) (TSE:ENB) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Investors of record on Wednesday, May 15th will be paid a dividend of 0.677 per share by the pipeline company on Saturday, June 1st. This represents a $2.71 dividend on an annualized basis and a dividend yield of 7.65%. The ex-dividend date is Tuesday, May 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.66.

Enbridge has raised its dividend payment by an average of 2.9% annually over the last three years. Enbridge has a payout ratio of 122.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Enbridge to earn $2.24 per share next year, which means the company may not be able to cover its $2.70 annual dividend with an expected future payout ratio of 120.5%.

Enbridge Price Performance

Shares of ENB stock opened at $35.39 on Thursday. The firm has a market cap of $75.24 billion, a P/E ratio of 16.99, a P/E/G ratio of 3.32 and a beta of 0.84. The firm has a fifty day moving average of $35.12 and a two-hundred day moving average of $34.77. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.83 and a quick ratio of 0.74. Enbridge has a 1-year low of $31.03 and a 1-year high of $40.30.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 9th. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). Enbridge had a return on equity of 10.23% and a net margin of 13.97%. The business had revenue of $8.37 billion during the quarter, compared to the consensus estimate of $9.62 billion. As a group, research analysts anticipate that Enbridge will post 2.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on ENB shares. Jefferies Financial Group initiated coverage on Enbridge in a report on Tuesday, February 27th. They set a “buy” rating on the stock. Stifel Nicolaus began coverage on Enbridge in a research note on Thursday, January 18th. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.20.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.