Enbridge (NYSE:ENB) Price Target Raised to $67.00 at Royal Bank of Canada

Enbridge (NYSE:ENB) (TSE:ENB) had its price objective raised by investment analysts at Royal Bank of Canada from $63.00 to $67.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 56.90% from the stock’s previous close.

A number of other brokerages have also recently issued reports on ENB. TD Securities began coverage on shares of Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Morgan Stanley started coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $67.00.

Enbridge Stock Performance

Shares of Enbridge stock traded down $0.37 during trading on Tuesday, reaching $42.70. The company’s stock had a trading volume of 8,188,356 shares, compared to its average volume of 4,151,678. The business’s 50-day moving average price is $43.35 and its 200-day moving average price is $41.80. The firm has a market cap of $93.02 billion, a PE ratio of 19.77, a P/E/G ratio of 4.08 and a beta of 0.94. Enbridge has a 52 week low of $32.85 and a 52 week high of $45.78. 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 announced its earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the previous year, the business posted $0.64 earnings per share. Equities analysts forecast that Enbridge will post 1.97 earnings per share for the current year.

Institutional Investors Weigh In On Enbridge

Institutional investors and hedge funds have recently bought and sold shares of the company. Swiss National Bank lifted its holdings in shares of Enbridge by 3.2% in the third quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock worth $267,935,000 after acquiring an additional 207,200 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Enbridge by 70.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company’s stock worth $52,648,000 after acquiring an additional 536,818 shares during the last quarter. Duff & Phelps Investment Management Co. lifted its holdings in shares of Enbridge by 32.6% in the third quarter. Duff & Phelps Investment Management Co. now owns 1,302,132 shares of the pipeline company’s stock worth $52,880,000 after acquiring an additional 319,907 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of Enbridge by 8.6% in the fourth quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock worth $26,808,000 after acquiring an additional 49,800 shares during the last quarter. Finally, Pinnacle Financial Partners Inc lifted its holdings in shares of Enbridge by 8.8% in the third quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock worth $7,650,000 after acquiring an additional 15,207 shares during the last quarter. 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.