Enbridge (NYSE:ENB) Price Target Raised to $84.00

by · The Markets Daily

Enbridge (NYSE:ENB – Free Report) (TSE:ENB) had its price objective boosted by Royal Bank Of Canada from $79.00 to $84.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the pipeline company’s stock.

Other analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Raymond James Financial cut Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Scotiabank reissued an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Five analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Enbridge presently has an average rating of “Hold” and a consensus target price of $62.67.

Check Out Our Latest Research Report on ENB

Enbridge Stock Down 2.8%

Shares of Enbridge stock opened at $51.91 on Monday. The company has a quick ratio of 0.73, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. Enbridge has a 52-week low of $45.03 and a 52-week high of $58.45. The company has a market capitalization of $113.36 billion, a P/E ratio of 27.76 and a beta of 0.58. The company has a 50 day moving average of $55.28 and a 200 day moving average of $53.77.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the prior year, the business posted $0.65 EPS. As a group, research analysts forecast that Enbridge will post 2.12 EPS for the current fiscal year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.5%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is presently 152.41%.

Institutional Investors Weigh In On Enbridge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENB. Vanguard Group Inc. lifted 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 worth $4,802,766,000 after purchasing an additional 2,067,516 shares during the last quarter. Norges Bank bought a new stake in Enbridge in the fourth quarter valued at about $1,195,559,000. Geode Capital Management LLC raised its stake in Enbridge by 7.1% during the fourth 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. Legal & General Group Plc raised its stake in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock valued at $942,806,000 after buying an additional 858,323 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company’s stock valued at $870,577,000 after buying an additional 844,594 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

(Get Free Report)

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.

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