Enbridge (TSE:ENB) Hits New 52-Week High on Analyst Upgrade

Shares of Enbridge Inc. (TSE:ENB) (NYSE:ENB) hit a new 52-week high during trading on Thursday after CIBC raised their price target on the stock from C$63.00 to C$66.00. CIBC currently has an outperform rating on the stock. Enbridge traded as high as C$63.40 and last traded at C$63.30, with a volume of 5970969 shares changing hands. The stock had previously closed at C$62.70.

A number of other brokerages have also recently commented on ENB. Scotiabank upped their price target on shares of Enbridge from C$57.00 to C$61.00 in a research report on Wednesday, December 4th. BMO Capital Markets raised their target price on Enbridge from C$59.00 to C$60.00 in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their price objective on shares of Enbridge from C$66.00 to C$69.00 in a research report on Thursday, December 5th. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating and raised their price objective for the company from C$55.00 to C$58.00 in a research note on Monday, September 30th. Finally, Morgan Stanley set a C$64.00 target price on shares of Enbridge and gave the company an “equal weight” rating in a report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus price target of C$61.33.

Insider Buying and Selling

In related news, Senior Officer Cynthia Lynn Hansen sold 1,106 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of C$59.94, for a total value of C$66,293.64. 0.10% of the stock is currently owned by insiders.

Enbridge Price Performance

The company has a current ratio of 0.76, a quick ratio of 0.44 and a debt-to-equity ratio of 131.26. The stock has a market capitalization of C$136.77 billion, a PE ratio of 24.13, a PEG ratio of 1.72 and a beta of 0.90. The business has a fifty day moving average price of C$60.13 and a 200-day moving average price of C$55.55.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 14th will be issued a dividend of $0.9425 per share. This represents a $3.77 annualized dividend and a dividend yield of 6.01%. This is a positive change from Enbridge’s previous quarterly dividend of $0.92. Enbridge’s dividend payout ratio (DPR) is currently 140.77%.

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.