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

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s share price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of C$67.45 and traded as high as C$68.32. Enbridge shares last traded at C$67.72, with a volume of 15,828,523 shares traded.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their price target on Enbridge from C$79.00 to C$70.00 in a research report on Tuesday, September 1st. TD raised Enbridge from a “hold” rating to a “buy” rating and cut their price objective for the company from C$82.00 to C$81.00 in a research report on Tuesday, September 15th. Raymond James Financial lifted their target price on Enbridge from C$79.00 to C$80.00 and gave the stock a “market perform” rating in a research note on Tuesday, September 15th. The Goldman Sachs Group upgraded Enbridge to a “hold” rating in a research note on Wednesday, September 30th. Finally, US Capital Advisors raised Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Enbridge has an average rating of “Moderate Buy” and an average target price of C$77.62.

Enbridge Price Performance

The stock has a market capitalization of C$150.94 billion, a price-to-earnings ratio of 26.15, a P/E/G ratio of 1.72 and a beta of 0.74. The company’s 50-day simple moving average is C$67.45 and its 200-day simple moving average is C$72.50. The company has a debt-to-equity ratio of 171.59, a current ratio of 0.72 and a quick ratio of 0.44.

Enbridge (TSE:ENB) (NYSE:ENB) last announced its earnings results on Friday, November 6th. The company reported C$0.49 earnings per share for the quarter. The company had revenue of C$21.08 billion for the quarter. Enbridge had a return on equity of 10.43% and a net margin of 7.54%. Research analysts forecast that Enbridge Inc. will post 3.51 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, December 1st will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend is Friday, November 13th. Enbridge’s dividend payout ratio is currently 147.68%.

Insiders Place Their Bets

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

About Enbridge

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.