Enbridge (TSE:ENB) Announces Quarterly Earnings Results

Enbridge (TSE:ENB) (NYSE:ENB) posted its earnings results on Friday. The company reported C$0.49 earnings per share for the quarter, FiscalAI reports. Enbridge had a return on equity of 10.01% and a net margin of 7.28%. The company had revenue of C$21.08 billion for the quarter.

Enbridge Stock Down 1.8%

Enbridge stock opened at C$66.14 on Friday. The company has a debt-to-equity ratio of 171.59, a current ratio of 0.72 and a quick ratio of 0.44. Enbridge has a fifty-two week low of C$62.42 and a fifty-two week high of C$80.65. The firm has a fifty day moving average price of C$67.56 and a two-hundred day moving average price of C$72.49. The firm has a market cap of C$147.42 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 1.72 and a beta of 0.74.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.88 dividend on an annualized basis and a yield of 5.9%. Enbridge’s payout ratio is currently 147.68%.

Insider Activity

In other Enbridge news, insider Michele Eva Harradence purchased 7,105 shares of the stock in a transaction dated Monday, September 14th. The shares were bought at an average cost of C$67.28 per share, with a total value of C$478,024.40. Following the completion of the transaction, the insider owned 87,467 shares in the company, valued at C$5,884,779.76. This trade represents a 8.84% increase in their position. Also, Director Gregory Lorne Ebel acquired 7,105 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was acquired at an average price of C$66.85 per share, for a total transaction of C$474,969.25. Following the completion of the purchase, the director directly owned 589,721 shares of the company’s stock, valued at C$39,422,848.85. This trade represents a 1.22% increase in their position. Company insiders own 0.10% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on ENB shares. ATB Cormark Capital Markets upped their price target on Enbridge from C$83.00 to C$84.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 15th. Scotiabank raised Enbridge to a “strong-buy” rating in a research note on Thursday, September 17th. TD Securities upgraded Enbridge from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. Raymond James Financial upped their target price on Enbridge from C$79.00 to C$80.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 15th. Finally, BMO Capital Markets raised Enbridge from a “hold” rating to an “outperform” rating and upped their target price for the stock from C$79.00 to C$79.50 in a research report on Tuesday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of C$77.62.

About Enbridge

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We’re investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We’re advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage.