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

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $43.87 and last traded at $43.55, with a volume of 523136 shares changing hands. The stock had previously closed at $43.36.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley began coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price objective (up previously from $59.00) on shares of Enbridge in a research note on Wednesday. Finally, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Enbridge currently has an average rating of “Hold” and an average price target of $63.00.

Enbridge Price Performance

The stock has a 50 day moving average price of $41.78 and a two-hundred day moving average price of $39.01. The firm has a market cap of $95.07 billion, a PE ratio of 20.21, a price-to-earnings-growth ratio of 4.26 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter last year, the company posted $0.46 earnings per share. As a group, equities analysts expect that Enbridge Inc. will post 2.04 earnings per share for the current year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 15th were issued a $0.676 dividend. The ex-dividend date of this dividend was Friday, November 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.19%. Enbridge’s dividend payout ratio is currently 121.76%.

Institutional Investors Weigh In On Enbridge

A number of large investors have recently bought and sold shares of the company. Cibc World Market Inc. lifted its stake in Enbridge by 12.8% during the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after acquiring an additional 3,693,495 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Enbridge by 4.0% during the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after purchasing an additional 936,863 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Enbridge by 3.7% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after purchasing an additional 827,540 shares during the last quarter. Toronto Dominion Bank grew its position in Enbridge by 3.6% during the 2nd quarter. Toronto Dominion Bank now owns 18,703,423 shares of the pipeline company’s stock worth $665,655,000 after purchasing an additional 644,526 shares during the period. Finally, National Bank of Canada FI raised its stake in shares of Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock valued at $737,754,000 after buying an additional 2,061,758 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

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.