Enbridge (NYSE:ENB) Hits New 1-Year High – Time to Buy?

Enbridge Inc (NYSE:ENB) (TSE:ENB)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $51.23 and last traded at $51.08, with a volume of 4917919 shares trading hands. The stock had previously closed at $50.63.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ENB. Zacks Research upgraded shares of Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. JPMorgan Chase & Co. downgraded shares of Enbridge from an “overweight” rating to a “neutral” rating in a research report on Tuesday, January 27th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Monday, November 10th. Scotiabank raised Enbridge from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 16th. Finally, Weiss Ratings upgraded Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Enbridge Trading Up 0.6%

The stock has a market capitalization of $113.12 billion, a PE ratio of 28.49 and a beta of 0.69. The stock’s 50 day moving average price is $47.84 and its 200-day moving average price is $47.89. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a dividend of $0.97 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s payout ratio is 147.80%.

Hedge Funds Weigh In On Enbridge

A number of hedge funds have recently made changes to their positions in ENB. Tsfg LLC lifted its holdings in Enbridge by 329.6% in the 3rd quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock worth $25,000 after purchasing an additional 379 shares in the last quarter. Whipplewood Advisors LLC grew its holdings in Enbridge by 112.4% during the 2nd quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock valued at $26,000 after buying an additional 308 shares in the last quarter. Triumph Capital Management bought a new stake in shares of Enbridge during the third quarter valued at approximately $26,000. Highline Wealth Partners LLC lifted its holdings in shares of Enbridge by 73.1% in the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company’s stock worth $28,000 after buying an additional 236 shares in the last quarter. Finally, Turning Point Benefit Group Inc. purchased a new position in shares of Enbridge in the third quarter worth $28,000. Institutional investors own 54.60% of the company’s stock.

About Enbridge

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.