Enbridge (NYSE:ENB) Reaches New 1-Year High – Time to Buy?

Enbridge Inc (NYSE:ENB) (TSE:ENB) shares hit a new 52-week high during trading on Thursday . The company traded as high as $55.52 and last traded at $55.6620, with a volume of 222329 shares traded. The stock had previously closed at $55.19.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ENB. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research report on Monday. Raymond James Financial upgraded shares of Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Royal Bank Of Canada lifted their price target on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a research note on Monday. Finally, Citigroup restated a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Enbridge Price Performance

The firm has a 50-day moving average of $53.82 and a 200-day moving average of $50.30. The stock has a market cap of $122.43 billion, a PE ratio of 26.32 and a beta of 0.59. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The company had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. During the same period in the previous year, the firm earned $1.03 EPS. Research analysts predict that Enbridge Inc will post 2.18 EPS for the current year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 6.9%. The ex-dividend date of this dividend is Friday, May 15th. Enbridge’s payout ratio is 130.52%.

Institutional Trading of Enbridge

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares in the last quarter. TD Asset Management Inc boosted its stake in Enbridge by 0.3% during the third quarter. TD Asset Management Inc now owns 40,021,291 shares of the pipeline company’s stock valued at $2,019,473,000 after buying an additional 137,897 shares during the last quarter. Norges Bank purchased a new position in Enbridge during the 4th quarter valued at approximately $1,195,559,000. Geode Capital Management LLC grew its holdings in Enbridge by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after buying an additional 1,415,995 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Enbridge by 4.6% in the 4th quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after acquiring an additional 858,323 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.