Enbridge (TSE:ENB) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Enbridge Inc. (TSE:ENB) (NYSE:ENB) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$71.18 and traded as high as C$78.49. Enbridge shares last traded at C$78.38, with a volume of 10,995,732 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ENB shares. Barclays boosted their price target on Enbridge from C$68.00 to C$73.00 in a report on Tuesday, April 7th. Scotiabank boosted their price target on Enbridge from C$77.00 to C$78.00 and gave the company a “sector outperform” rating in a report on Monday, May 11th. Raymond James Financial boosted their price objective on shares of Enbridge from C$78.00 to C$80.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. ATB Cormark Capital Markets boosted their price objective on shares of Enbridge from C$72.00 to C$78.00 and gave the company an “outperform” rating in a research note on Tuesday, February 17th. Finally, National Bank Financial boosted their price objective on shares of Enbridge from C$73.00 to C$81.00 and gave the company a “sector perform” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Enbridge presently has a consensus rating of “Moderate Buy” and a consensus target price of C$75.33.

Enbridge Price Performance

The company’s 50 day moving average price is C$75.69 and its 200-day moving average price is C$71.32. The company has a market capitalization of C$167.93 billion, a PE ratio of 26.07, a PEG ratio of 1.72 and a beta of 0.74. The company has a current ratio of 0.81, a quick ratio of 0.44 and a debt-to-equity ratio of 168.58.

Enbridge (TSE:ENB) (NYSE:ENB) last announced its quarterly earnings data on Friday, May 8th. The company reported C$0.98 earnings per share (EPS) for the quarter. Enbridge had a net margin of 9.43% and a return on equity of 11.11%. The company had revenue of C$22.36 billion during the quarter. On average, sell-side analysts forecast that Enbridge Inc. will post 3.511912 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, June 1st were given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s dividend payout ratio is 128.73%.

Insiders Place Their Bets

In related news, Director Mayank Mulraj Ashar sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of C$78.87, for a total transaction of C$236,610.00. Following the completion of the sale, the director directly owned 42,000 shares of the company’s stock, valued at approximately C$3,312,540. This represents a 6.67% decrease in their position. Also, insider Melissa Marie Laforge sold 855 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$80.16, for a total transaction of C$68,536.80. Following the sale, the insider directly owned 7,904 shares of the company’s stock, valued at approximately C$633,584.64. This trade represents a 9.76% decrease in their ownership of the stock. Over the last ninety days, insiders have sold 8,855 shares of company stock valued at $695,547. 0.10% of the stock is owned by corporate insiders.

About Enbridge

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We’re investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We’re advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage.