Canaccord Genuity Lowers Enbridge (ENB) Price Target to C$52.00

Enbridge (TSE:ENB) (NYSE:ENB) had its price objective trimmed by Canaccord Genuity from C$54.00 to C$52.00 in a research report released on Wednesday morning.

Several other brokerages also recently commented on ENB. CIBC reduced their target price on Enbridge from C$71.00 to C$69.00 in a report on Tuesday, October 17th. Royal Bank of Canada reduced their target price on Enbridge from C$63.00 to C$59.00 and set an outperform rating for the company in a report on Wednesday, December 13th. BMO Capital Markets reduced their target price on Enbridge from C$66.00 to C$63.00 in a report on Tuesday, February 6th. Scotiabank reduced their target price on Enbridge from C$62.00 to C$61.00 and set an outperform rating for the company in a report on Friday, November 3rd. Finally, TD Securities reduced their target price on Enbridge from C$64.00 to C$62.00 and set a buy rating for the company in a report on Friday, November 3rd. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of C$59.91.

Shares of Enbridge (ENB) opened at C$42.95 on Wednesday. Enbridge has a fifty-two week low of C$42.00 and a fifty-two week high of C$57.75. The company has a market capitalization of $72,800.00, a price-to-earnings ratio of 21.91 and a beta of 0.18.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Wednesday, November 29th will be issued a dividend of $0.671 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.25%. This is an increase from Enbridge’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, February 14th. Enbridge’s dividend payout ratio is currently 119.03%.

In related news, Director Michael E.J. Phelps sold 900 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of C$50.06, for a total value of C$45,054.00. Also, insider Bradley Francis Shamla sold 3,019 shares of the stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of C$50.00, for a total value of C$150,950.00. Over the last ninety days, insiders have sold 13,719 shares of company stock valued at $687,970.

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Enbridge Company Profile

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

Analyst Recommendations for Enbridge (TSE:ENB)

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