Enbridge (TSE:ENB) Sets New 52-Week High Following Analyst Upgrade

Shares of Enbridge Inc. (TSE:ENB) (NYSE:ENB) hit a new 52-week high during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from C$60.00 to C$66.00. The company traded as high as C$60.82 and last traded at C$60.79, with a volume of 12840480 shares. The stock had previously closed at C$59.82.

ENB has been the subject of several other research reports. Morgan Stanley set a C$64.00 price objective on shares of Enbridge and gave the company an “equal weight” rating in a report on Friday, October 25th. Wells Fargo & Company raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 6th. National Bankshares increased their price objective on shares of Enbridge from C$53.00 to C$57.00 and gave the company a “sector perform” rating in a report on Friday, August 23rd. Raymond James increased their price target on shares of Enbridge from C$54.00 to C$59.00 in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada increased their price target on shares of Enbridge from C$55.00 to C$59.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of C$58.00.

Insider Activity at Enbridge

In related news, Senior Officer Maximilian Chan sold 688 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of C$55.20, for a total transaction of C$37,977.60. 0.10% of the stock is currently owned by corporate insiders.

Enbridge Stock Up 1.6 %

The firm has a market cap of C$132.52 billion, a PE ratio of 23.30, a PEG ratio of 1.72 and a beta of 0.90. The business’s 50 day moving average price is C$56.67 and its 200 day moving average price is C$52.76. The company has a debt-to-equity ratio of 131.26, a current ratio of 0.76 and a quick ratio of 0.44.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a $0.915 dividend. The ex-dividend date is Friday, November 15th. This represents a $3.66 annualized dividend and a yield of 6.02%. Enbridge’s payout ratio is 140.77%.

About Enbridge

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.