Enbridge Inc (NYSE:ENB) Receives $63.00 Consensus Price Target from Brokerages

Shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) have been assigned an average recommendation of “Hold” from the twelve ratings firms that are presently covering the company, Marketbeat Ratings reports. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $63.00.

A number of analysts recently commented on the company. CIBC lowered Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Zacks Research raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Finally, Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st.

Enbridge Trading Down 1.9%

Shares of ENB opened at $45.72 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.80 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $47.57 and a 200-day simple moving average of $47.29. Enbridge has a 1-year low of $39.73 and a 1-year high of $50.54. The stock has a market cap of $99.72 billion, a price-to-earnings ratio of 25.12 and a beta of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a net margin of 9.20% and a return on equity of 10.51%. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the company posted $0.55 EPS. Equities analysts forecast that Enbridge will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.97 dividend. The ex-dividend date is Tuesday, February 17th. This is an increase from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a yield of 8.5%. Enbridge’s payout ratio is currently 147.80%.

Institutional Trading of Enbridge

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in Enbridge during the 2nd quarter worth $1,113,368,000. Bank of Nova Scotia lifted its stake in shares of Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after purchasing an additional 5,157,030 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Enbridge by 38.7% in the second quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock worth $599,556,000 after buying an additional 3,687,334 shares during the period. Vanguard Group Inc. grew its stake in shares of Enbridge by 3.5% in the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after buying an additional 3,217,961 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after buying an additional 2,989,992 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

About Enbridge

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.