Royal Bank of Canada Forecasts Strong Price Appreciation for Enbridge (NYSE:ENB) Stock

Enbridge (NYSE:ENB) (TSE:ENB) had its target price boosted by Royal Bank of Canada from $63.00 to $67.00 in a report published on Tuesday,Benzinga reports. The firm currently has an outperform rating on the pipeline company’s stock.

Several other research firms also recently commented on ENB. Morgan Stanley initiated coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating for the company. TD Securities initiated coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Enbridge currently has an average rating of “Hold” and a consensus target price of $67.00.

Enbridge Stock Down 0.9 %

ENB stock opened at $41.95 on Tuesday. The company has a fifty day moving average price of $43.35 and a 200 day moving average price of $41.84. Enbridge has a 12 month low of $32.85 and a 12 month high of $45.78. The company has a market cap of $91.40 billion, a price-to-earnings ratio of 24.39, a price-to-earnings-growth ratio of 4.03 and a beta of 0.94. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.52 by $0.23. Enbridge had a net margin of 10.04% and a return on equity of 10.15%. The firm had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. Sell-side analysts expect that Enbridge will post 2.12 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a yield of 6.39%. Enbridge’s payout ratio is currently 155.81%.

Hedge Funds Weigh In On Enbridge

A number of institutional investors and hedge funds have recently made changes to their positions in ENB. Creative Planning grew its stake in shares of Enbridge by 5.9% during the 3rd quarter. Creative Planning now owns 241,572 shares of the pipeline company’s stock worth $9,810,000 after purchasing an additional 13,455 shares during the period. Stratos Wealth Advisors LLC acquired a new position in shares of Enbridge during the 3rd quarter worth $204,000. Blue Trust Inc. grew its stake in shares of Enbridge by 39.9% during the 3rd quarter. Blue Trust Inc. now owns 13,736 shares of the pipeline company’s stock worth $558,000 after purchasing an additional 3,917 shares during the period. Cyndeo Wealth Partners LLC acquired a new position in shares of Enbridge during the 3rd quarter worth $302,000. Finally, Bayshore Asset Management LLC acquired a new position in shares of Enbridge during the 3rd quarter worth $217,000. 54.60% of the stock is owned by institutional investors and hedge funds.

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.