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

Enbridge Inc. (NYSE:ENBGet Free Report) (TSE:ENB)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $44.74 and last traded at $44.67, with a volume of 213632 shares trading hands. The stock had previously closed at $44.07.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ENB. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley started coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, TD Securities assumed coverage on shares of Enbridge in a research note on Wednesday. They issued a “buy” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $63.00.

Get Our Latest Stock Report on Enbridge

Enbridge Price Performance

The company has a market capitalization of $95.79 billion, a PE ratio of 20.36, a P/E/G ratio of 4.00 and a beta of 0.93. The firm has a fifty day simple moving average of $42.68 and a 200 day simple moving average of $40.45. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62.

Enbridge (NYSE:ENBGet Free Report) (TSE:ENB) last released its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The firm had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the company posted $0.46 earnings per share. Equities analysts anticipate that Enbridge Inc. will post 1.97 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.09%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is 121.76%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in shares of Enbridge by 1.1% during the second quarter. Dimensional Fund Advisors LP now owns 2,427,686 shares of the pipeline company’s stock valued at $86,399,000 after buying an additional 25,717 shares during the last quarter. Argent Trust Co boosted its stake in Enbridge by 0.3% in the second quarter. Argent Trust Co now owns 101,559 shares of the pipeline company’s stock valued at $3,614,000 after acquiring an additional 343 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in Enbridge by 4.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 91,941 shares of the pipeline company’s stock worth $3,272,000 after purchasing an additional 3,894 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its position in shares of Enbridge by 6.4% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 14,381 shares of the pipeline company’s stock worth $489,000 after purchasing an additional 861 shares in the last quarter. Finally, WCG Wealth Advisors LLC lifted its holdings in shares of Enbridge by 30.9% during the 2nd quarter. WCG Wealth Advisors LLC now owns 13,779 shares of the pipeline company’s stock valued at $490,000 after purchasing an additional 3,254 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Company Profile

(Get Free Report)

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.

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