Enbridge (TSE:ENB) Sets New 1-Year High on Analyst Upgrade

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 analysts also recently issued reports on ENB. JPMorgan Chase & Co. raised their target price on Enbridge from C$66.00 to C$69.00 in a research note on Thursday, December 5th. Wells Fargo & Company lifted their target price on shares of Enbridge from C$57.00 to C$60.00 in a research note on Thursday, December 5th. Barclays increased their price target on shares of Enbridge from C$59.00 to C$64.00 in a research note on Monday, January 6th. Morgan Stanley set a C$64.00 price target on shares of Enbridge and gave the company an “equal weight” rating in a research report on Friday, October 25th. Finally, Scotiabank increased their price objective on Enbridge from C$57.00 to C$61.00 in a research report on Wednesday, December 4th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of C$61.33.

Insider Buying and Selling

In other Enbridge news, Senior Officer Cynthia Lynn Hansen sold 1,106 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of C$59.94, for a total value of C$66,293.64. 0.10% of the stock is owned by corporate insiders.

Enbridge Stock Performance

The firm has a market capitalization of C$136.77 billion, a price-to-earnings ratio of 24.13, a PEG ratio of 1.72 and a beta of 0.90. The firm has a 50 day moving average price of C$60.13 and a 200-day moving average price of C$55.55. 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 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders 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 yield of 6.01%. This is a boost from Enbridge’s previous quarterly dividend of $0.92. 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.