Enbridge (TSE:ENB) Stock Crosses Above 50 Day Moving Average – Here’s What Happened

Shares of Enbridge Inc. (TSE:ENB) (NYSE:ENB) passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$67.83 and traded as high as C$68.05. Enbridge shares last traded at C$68.01, with a volume of 9,636,708 shares trading hands.

Analysts Set New Price Targets

ENB has been the topic of several analyst reports. Raymond James Financial raised their target price on Enbridge from C$79.00 to C$80.00 and gave the company a “market perform” rating in a report on Tuesday, September 15th. Canadian Imperial Bank of Commerce upgraded Enbridge from a “hold” rating to an “outperformer” rating and upped their price target for the stock from C$77.00 to C$78.00 in a report on Friday, August 28th. Scotiabank upgraded Enbridge to a “strong-buy” rating in a report on Thursday, September 17th. Jefferies Financial Group lowered their price objective on shares of Enbridge from C$79.00 to C$70.00 in a research report on Tuesday, September 1st. Finally, BMO Capital Markets upgraded shares of Enbridge from a “hold” rating to an “outperform” rating and lifted their price objective for the company from C$79.00 to C$79.50 in a research note on Tuesday, September 15th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of C$77.62.

Enbridge Price Performance

The company has a debt-to-equity ratio of 171.59, a quick ratio of 0.44 and a current ratio of 0.72. The stock has a market cap of C$151.58 billion, a price-to-earnings ratio of 26.26, a price-to-earnings-growth ratio of 1.72 and a beta of 0.72. The business’s fifty day simple moving average is C$67.83 and its 200 day simple moving average is C$72.34.

Enbridge (TSE:ENB) (NYSE:ENB) last posted its quarterly earnings data on Friday, July 31st. The company reported C$0.63 earnings per share for the quarter. The company had revenue of C$29.32 billion during the quarter. Enbridge had a net margin of 7.28% and a return on equity of 10.01%. Research analysts predict that Enbridge Inc. will post 3.51 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, September 1st were paid a $0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 5.7%. Enbridge’s payout ratio is 147.68%.

Insider Transactions at Enbridge

In other Enbridge news, Director Gregory Lorne Ebel acquired 7,105 shares of the stock in a transaction on Monday, September 14th. The stock was purchased at an average price of C$66.85 per share, for a total transaction of C$474,969.25. Following the purchase, the director directly owned 589,721 shares in the company, valued at C$39,422,848.85. This trade represents a 1.22% increase in their ownership of the stock. Also, insider Michele Eva Harradence acquired 7,105 shares of the company’s stock in a transaction on Monday, September 14th. The shares were acquired at an average price of C$67.28 per share, for a total transaction of C$478,024.40. Following the completion of the acquisition, the insider directly owned 87,467 shares in the company, valued at C$5,884,779.76. The trade was a 8.84% increase in their ownership of the stock. Corporate insiders own 0.10% of the company’s stock.

Enbridge Company Profile

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.