Enbridge (TSE:ENB) Hits New 1-Year High Following Dividend Announcement

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s share price reached a new 52-week high during trading on Tuesday following a dividend announcement from the company. The company traded as high as C$61.65 and last traded at C$61.55, with a volume of 1286660 shares trading hands. The stock had previously closed at C$60.95.

The newly announced dividend which will be paid on Saturday, March 1st. Shareholders of record on Friday, February 14th will be paid a dividend of $0.9425 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.92. This represents a $3.77 annualized dividend and a yield of 6.12%. Enbridge’s payout ratio is currently 140.77%.

Analyst Ratings Changes

Several research analysts have recently weighed in on ENB shares. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating and upped their target price for the company from C$55.00 to C$58.00 in a research note on Monday, September 30th. National Bankshares upped their target price on shares of Enbridge from C$53.00 to C$57.00 and gave the company a “sector perform” rating in a research note on Friday, August 23rd. JPMorgan Chase & Co. upped their price target on shares of Enbridge from C$60.00 to C$66.00 in a report on Thursday, November 21st. CIBC upped their price target on shares of Enbridge from C$59.00 to C$67.00 in a report on Monday, November 4th. Finally, Royal Bank of Canada upped their price target on shares of Enbridge from C$55.00 to C$59.00 and gave the company an “outperform” rating in a report on Thursday, October 3rd. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$58.31.

Enbridge Stock Performance

The stock has a market cap of C$134.29 billion, a P/E ratio of 23.44, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90. The firm’s 50-day moving average is C$57.39 and its two-hundred day moving average is C$53.24. The company has a quick ratio of 0.44, a current ratio of 0.76 and a debt-to-equity ratio of 131.26.

Insider Buying and Selling at Enbridge

In other news, Senior Officer Maximilian Chan sold 688 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of C$55.20, for a total value of C$37,977.60. Corporate insiders own 0.10% of the company’s stock.

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.