Enbridge (NYSE:ENB) Hits New 52-Week High – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB) reached a new 52-week high on Tuesday . The stock traded as high as $43.87 and last traded at $43.55, with a volume of 523136 shares traded. The stock had previously closed at $43.36.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ENB. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley assumed coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th.

Enbridge Trading Up 0.3 %

The company has a market cap of $94.72 billion, a PE ratio of 20.13, a PEG ratio of 4.26 and a beta of 0.94. The stock has a 50 day moving average price of $41.62 and a 200 day moving average price of $38.89. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the prior year, the firm earned $0.46 EPS. Sell-side analysts predict that Enbridge Inc. will post 2.04 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 15th were issued a dividend of $0.676 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date of this dividend was Friday, November 15th. Enbridge’s dividend payout ratio is presently 121.76%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TruNorth Capital Management LLC purchased a new stake in Enbridge during the second quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new stake in shares of Enbridge during the 2nd quarter valued at about $28,000. McIlrath & Eck LLC lifted its stake in shares of Enbridge by 74.9% in the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 295 shares during the period. Grove Bank & Trust boosted its holdings in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. Finally, MFA Wealth Advisors LLC grew its position in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after buying an additional 280 shares during the period. Institutional investors own 54.60% of the company’s stock.

About Enbridge

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.