Enbridge (NYSE:ENB) Price Target Raised to $76.00

Enbridge (NYSE:ENB) (TSE:ENB) had its target price lifted by Royal Bank Of Canada from $72.00 to $76.00 in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has an outperform rating on the pipeline company’s stock.

A number of other research analysts also recently commented on ENB. Weiss Ratings raised Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. JPMorgan Chase & Co. lowered shares of Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 27th. TD Securities downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research report on Tuesday. Finally, Scotiabank upgraded Enbridge from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 16th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Enbridge Stock Up 1.3%

NYSE ENB opened at $51.57 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.68 and a debt-to-equity ratio of 1.70. The company has a market cap of $112.51 billion, a price-to-earnings ratio of 22.42 and a beta of 0.69. The company has a 50 day moving average of $48.31 and a 200-day moving average of $48.14. Enbridge has a 1-year low of $39.73 and a 1-year high of $54.19.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. The firm had revenue of $17.18 billion for the quarter, compared to analyst estimates of $9.10 billion. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.During the same quarter last year, the company earned $0.75 EPS. On average, equities research analysts expect that Enbridge will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be given a $0.97 dividend. This is an increase 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 is Tuesday, February 17th. Enbridge’s dividend payout ratio (DPR) is 120.87%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ENB. Norges Bank acquired a new position in Enbridge in the 4th quarter worth about $1,195,559,000. Bank of Nova Scotia grew its holdings in shares of Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after purchasing an additional 5,157,030 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Enbridge by 38.7% in the second quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after buying an additional 3,687,334 shares during the period. Vanguard Group Inc. raised its holdings in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after buying an additional 3,217,961 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after buying an additional 2,989,992 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Company Profile

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.