National Bank Financial Boosts Enbridge (NYSE:ENB) Price Target to C$61.00

Enbridge (NYSE:ENBGet Rating) (TSE:ENB) had its target price hoisted by National Bank Financial from C$60.00 to C$61.00 in a report issued on Tuesday morning, The Fly reports. National Bank Financial also issued estimates for Enbridge’s FY2022 earnings at $2.31 EPS and FY2023 earnings at $2.51 EPS.

A number of other brokerages have also weighed in on ENB. Royal Bank of Canada lifted their price objective on Enbridge from C$60.00 to C$65.00 in a report on Monday, May 9th. US Capital Advisors lowered Enbridge from an overweight rating to a hold rating in a research note on Tuesday, July 26th. TD Securities boosted their price target on Enbridge from C$61.00 to C$62.00 in a research note on Monday, May 9th. Scotiabank boosted their price target on Enbridge from C$58.00 to C$62.00 in a research note on Tuesday, April 19th. Finally, Morgan Stanley boosted their price target on Enbridge from C$60.00 to C$67.00 in a research note on Tuesday, April 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Enbridge presently has a consensus rating of Moderate Buy and an average target price of $58.46.

Enbridge Stock Performance

NYSE ENB opened at $42.77 on Tuesday. Enbridge has a 52-week low of $36.21 and a 52-week high of $47.67. The business’s 50-day moving average price is $43.35 and its 200 day moving average price is $43.82. The firm has a market cap of $86.60 billion, a P/E ratio of 22.51, a P/E/G ratio of 3.17 and a beta of 0.78. The company has a quick ratio of 0.60, a current ratio of 0.58 and a debt-to-equity ratio of 1.21.

Enbridge (NYSE:ENBGet Rating) (TSE:ENB) last announced its quarterly earnings data on Friday, July 29th. The pipeline company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.10. Enbridge had a return on equity of 10.46% and a net margin of 9.98%. During the same period last year, the firm posted $0.55 EPS. On average, equities research analysts expect that Enbridge will post 2.32 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 15th will be issued a $0.668 dividend. The ex-dividend date of this dividend is Friday, August 12th. This represents a $2.67 annualized dividend and a yield of 6.25%. Enbridge’s dividend payout ratio (DPR) is presently 140.00%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Intercontinental Wealth Advisors LLC increased its holdings in shares of Enbridge by 1.1% during the 2nd quarter. Intercontinental Wealth Advisors LLC now owns 22,587 shares of the pipeline company’s stock worth $952,000 after buying an additional 243 shares during the last quarter. Meridian Wealth Management LLC increased its holdings in shares of Enbridge by 265.3% during the 2nd quarter. Meridian Wealth Management LLC now owns 33,685 shares of the pipeline company’s stock worth $1,422,000 after buying an additional 24,465 shares during the last quarter. TrinityPoint Wealth LLC increased its holdings in shares of Enbridge by 6.5% during the 2nd quarter. TrinityPoint Wealth LLC now owns 6,765 shares of the pipeline company’s stock worth $286,000 after buying an additional 411 shares during the last quarter. M&T Bank Corp increased its holdings in shares of Enbridge by 0.3% during the 2nd quarter. M&T Bank Corp now owns 301,143 shares of the pipeline company’s stock worth $12,653,000 after buying an additional 869 shares during the last quarter. Finally, Thornburg Investment Management Inc. acquired a new stake in shares of Enbridge during the 2nd quarter worth $88,435,000. 53.23% of the stock is currently owned by institutional investors and hedge funds.

About Enbridge

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Enbridge Inc 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.

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