Enbridge (TSE:ENB) Shares Break Above 50-Day Moving Average – Here’s What Happened

Enbridge Inc. (TSE:ENB) (NYSE:ENB) shares crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$67.45 and traded as high as C$68.32. Enbridge shares last traded at C$67.72, with a volume of 15,828,523 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ENB shares. ATB Cormark Capital Markets upped their price target on Enbridge from C$83.00 to C$84.00 and gave the stock an “outperform” rating in a report on Tuesday, September 15th. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. The Goldman Sachs Group upgraded Enbridge to a “hold” rating in a research note on Wednesday, September 30th. Raymond James Financial boosted their price objective on Enbridge from C$79.00 to C$80.00 and gave the stock a “market perform” rating in a research report on Tuesday, September 15th. Finally, BMO Capital Markets upgraded shares of Enbridge from a “hold” rating to an “outperform” rating and upped their target price for the stock from C$79.00 to C$79.50 in a research note on Tuesday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$77.62.

Enbridge Stock Performance

The company has a debt-to-equity ratio of 171.59, a current ratio of 0.72 and a quick ratio of 0.44. The company has a market capitalization of C$152.83 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 1.72 and a beta of 0.74. The stock has a 50 day simple moving average of C$67.38 and a two-hundred day simple moving average of C$72.53.

Enbridge (TSE:ENB) (NYSE:ENB) last released its quarterly earnings data on Friday, November 6th. The company reported C$0.49 earnings per share (EPS) for the quarter. Enbridge had a return on equity of 10.43% and a net margin of 7.54%. The business had revenue of C$21.08 billion during the quarter. As a group, analysts anticipate that Enbridge Inc. will post 3.51 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, December 1st will be paid a dividend of $0.97 per share. The ex-dividend date is Friday, November 13th. This represents a $3.88 annualized dividend and a yield of 5.7%. Enbridge’s payout ratio is presently 133.77%.

Insider Buying and Selling

In related news, insider Michele Eva Harradence acquired 7,105 shares of Enbridge stock in a transaction dated Monday, September 14th. The stock was acquired at an average price of C$67.28 per share, for a total transaction of C$478,024.40. Following the transaction, the insider owned 87,467 shares of the company’s stock, valued at C$5,884,779.76. This represents a 8.84% increase in their ownership of the stock. Also, Director Gregory Lorne Ebel bought 7,105 shares of the stock in a transaction dated Monday, September 14th. The stock was bought at an average price of C$66.85 per share, with a total value of C$474,969.25. Following the acquisition, the director owned 589,721 shares in the company, valued at approximately C$39,422,848.85. This represents a 1.22% increase in their position. Corporate insiders own 0.10% of the company’s stock.

Enbridge Company Profile

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We’re investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We’re advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage.