Enbridge (TSE:ENB) Releases Quarterly Earnings Results

Enbridge (TSE:ENB) (NYSE:ENB) posted its quarterly earnings results on Friday. The company reported C$0.49 earnings per share (EPS) for the quarter, FiscalAI reports. Enbridge had a return on equity of 10.01% and a net margin of 7.28%. The company had revenue of C$21.08 billion for the quarter.

Enbridge Trading Down 1.8%

TSE ENB traded down C$1.19 on Friday, hitting C$66.14. 10,083,608 shares of the stock were exchanged, compared to its average volume of 8,577,963. Enbridge has a 52-week low of C$62.42 and a 52-week high of C$80.65. The company has a debt-to-equity ratio of 171.59, a current ratio of 0.72 and a quick ratio of 0.44. The company has a market capitalization of C$147.42 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 1.72 and a beta of 0.74. The company’s 50-day moving average price is C$67.62 and its two-hundred day moving average price is C$72.48.

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 given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 5.9%. The ex-dividend date is Friday, November 13th. Enbridge’s payout ratio is presently 147.68%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group upgraded Enbridge to a “hold” rating in a report on Wednesday, September 30th. TD raised Enbridge from a “hold” rating to a “buy” rating and reduced their target price for the company from C$82.00 to C$81.00 in a report on Tuesday, September 15th. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. National Bank Financial raised Enbridge from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from C$81.00 to C$82.00 in a research note on Tuesday, September 15th. Finally, BMO Capital Markets raised Enbridge from a “hold” rating to an “outperform” rating and lifted their price target for the stock from C$79.00 to C$79.50 in a research note on Tuesday, September 15th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of C$77.62.

Insiders Place Their Bets

In other Enbridge news, insider Michele Eva Harradence bought 7,105 shares of Enbridge stock in a transaction dated Monday, September 14th. The stock was bought 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 of the company’s stock, valued at approximately C$5,884,779.76. This trade represents a 8.84% increase in their ownership of the stock. Also, Director Gregory Lorne Ebel bought 7,105 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was acquired at an average cost of C$66.85 per share, with a total value of C$474,969.25. Following 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 ownership of the stock. 0.10% of the stock is owned by corporate insiders.

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.