Enbridge (NYSE:ENB) Upgraded to “Outperform” by Scotiabank
Scotiabank upgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) from a sector perform rating to an outperform rating in a report published on Thursday morning, The Fly reports.
Several other equities research analysts also recently weighed in on ENB. Bank of America downgraded Enbridge from a buy rating to a neutral rating and set a $49.00 price target for the company. in a report on Tuesday, July 2nd. Wolfe Research downgraded Enbridge from an outperform rating to a peer perform rating and set a $37.00 price target for the company. in a report on Thursday, June 13th. Goldman Sachs Group initiated coverage on Enbridge in a report on Thursday, July 18th. They set a neutral rating for the company. Finally, ValuEngine downgraded Enbridge from a hold rating to a sell rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $43.75.
Shares of NYSE ENB traded down $0.29 during mid-day trading on Thursday, hitting $35.62. 1,231,060 shares of the company were exchanged, compared to its average volume of 3,348,410. The company has a quick ratio of 0.53, a current ratio of 0.63 and a debt-to-equity ratio of 0.92. The stock has a 50 day simple moving average of $34.72 and a 200-day simple moving average of $35.54. Enbridge has a 1-year low of $28.82 and a 1-year high of $38.04. The firm has a market cap of $72.15 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.78 and a beta of 0.57.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be given a $0.251 dividend. This represents a $1.00 annualized dividend and a yield of 2.82%. The ex-dividend date of this dividend is Monday, September 30th. Enbridge’s payout ratio is 107.80%.
Large investors have recently added to or reduced their stakes in the business. Bank of Nova Scotia Trust Co. raised its position in Enbridge by 12.5% in the second quarter. Bank of Nova Scotia Trust Co. now owns 625,148 shares of the pipeline company’s stock worth $22,555,000 after acquiring an additional 69,399 shares in the last quarter. NEXT Financial Group Inc raised its position in Enbridge by 67.6% in the second quarter. NEXT Financial Group Inc now owns 25,215 shares of the pipeline company’s stock worth $910,000 after acquiring an additional 10,170 shares in the last quarter. National Pension Service purchased a new position in Enbridge in the second quarter worth $98,372,000. Lee Financial Group Hawaii Inc. purchased a new position in Enbridge in the second quarter worth $784,000. Finally, Addenda Capital Inc. raised its position in Enbridge by 6.7% in the second quarter. Addenda Capital Inc. now owns 1,855,043 shares of the pipeline company’s stock worth $67,146,000 after acquiring an additional 116,982 shares in the last quarter. Hedge funds and other institutional investors own 53.82% of the company’s stock.
Enbridge Company Profile
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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