CIBC Increases Enbridge (NYSE:ENB) Price Target to $48.00

Enbridge (NYSE:ENB) (TSE:ENB) had its target price upped by CIBC from $47.00 to $48.00 in a research note released on Thursday morning, The Fly reports. CIBC currently has an outperform rating on the pipeline company’s stock.

Several other equities research analysts also recently weighed in on ENB. Morgan Stanley upgraded shares of Enbridge from an equal weight rating to an overweight rating and increased their target price for the stock from $49.00 to $54.00 in a research note on Wednesday, July 15th. Credit Suisse Group restated a hold rating and set a $48.00 target price on shares of Enbridge in a report on Friday, June 26th. Royal Bank of Canada lowered their target price on shares of Enbridge from $61.00 to $58.00 and set an outperform rating for the company in a research note on Thursday. Wells Fargo & Co lowered shares of Enbridge from an overweight rating to an equal weight rating and set a $51.00 price target for the company. in a research report on Wednesday, July 22nd. Finally, Tudor Pickering restated a buy rating and set a $50.00 target price on shares of Enbridge in a report on Tuesday, July 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the stock. Enbridge has a consensus rating of Buy and an average target price of $51.59.

Enbridge stock traded down $0.20 during trading on Thursday, reaching $32.00. 2,646,005 shares of the company were exchanged, compared to its average volume of 2,689,048. Enbridge has a 52-week low of $22.57 and a 52-week high of $43.15. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.61 and a quick ratio of 0.53. The stock’s 50 day simple moving average is $30.73 and its two-hundred day simple moving average is $33.26. The company has a market capitalization of $64.81 billion, a P/E ratio of 45.71, a PEG ratio of 1.71 and a beta of 0.83.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Wednesday, July 29th. The pipeline company reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.15. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $8.54 billion. Enbridge had a net margin of 5.17% and a return on equity of 8.61%. During the same period last year, the business earned $0.67 EPS. As a group, equities analysts forecast that Enbridge will post 1.97 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.6021 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This is a boost from Enbridge’s previous quarterly dividend of $0.57. This represents a $2.41 annualized dividend and a dividend yield of 7.53%. Enbridge’s dividend payout ratio (DPR) is currently 115.00%.

Large investors have recently added to or reduced their stakes in the stock. Johnson Financial Group Inc. grew its stake in shares of Enbridge by 112.3% in the first quarter. Johnson Financial Group Inc. now owns 930 shares of the pipeline company’s stock valued at $27,000 after buying an additional 492 shares in the last quarter. TCI Wealth Advisors Inc. raised its stake in Enbridge by 116.1% in the second quarter. TCI Wealth Advisors Inc. now owns 1,031 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 554 shares in the last quarter. MBE Wealth Management LLC bought a new position in Enbridge in the 1st quarter valued at approximately $33,000. Creative Financial Designs Inc. ADV lifted its stake in Enbridge by 782.6% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 1,165 shares of the pipeline company’s stock valued at $35,000 after purchasing an additional 1,033 shares during the last quarter. Finally, Allworth Financial LP raised its stake in shares of Enbridge by 33.9% during the first quarter. Allworth Financial LP now owns 1,409 shares of the pipeline company’s stock valued at $41,000 after acquiring an additional 357 shares during the last quarter. 54.64% of the stock is owned by institutional investors and hedge funds.

About Enbridge

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.

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