Enbridge (TSE:ENB) Sets New 52-Week High Following Analyst Upgrade

Enbridge Inc. (TSE:ENB) (NYSE:ENB) shares hit a new 52-week high on Thursday after JPMorgan Chase & Co. raised their price target on the stock from C$60.00 to C$66.00. The company traded as high as C$60.82 and last traded at C$60.79, with a volume of 12840480 shares changing hands. The stock had previously closed at C$59.82.

Other research analysts also recently issued reports about the stock. Wells Fargo & Company raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 6th. National Bankshares boosted their price objective on shares of Enbridge from C$53.00 to C$57.00 and gave the stock a “sector perform” rating in a report on Friday, August 23rd. Raymond James lifted their target price on shares of Enbridge from C$54.00 to C$59.00 in a research report on Tuesday, October 22nd. Barclays boosted their price objective on shares of Enbridge from C$54.00 to C$59.00 in a research report on Monday, November 11th. Finally, Morgan Stanley set a C$64.00 price objective on shares of Enbridge and gave the company an “equal weight” rating in a research report on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Enbridge currently has an average rating of “Hold” and a consensus price target of C$58.00.

Insider Activity at Enbridge

In other Enbridge news, Senior Officer Maximilian Chan sold 688 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of C$55.20, for a total transaction of C$37,977.60. Insiders own 0.10% of the company’s stock.

Enbridge Stock Performance

The firm’s 50 day moving average price is C$56.67 and its 200-day moving average price is C$52.76. The firm has a market cap of C$132.52 billion, a price-to-earnings ratio of 23.30, a P/E/G ratio of 1.72 and a beta of 0.90. The company has a debt-to-equity ratio of 131.26, a current ratio of 0.76 and a quick ratio of 0.44.

Enbridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a $0.915 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $3.66 dividend on an annualized basis and a dividend yield of 6.02%. Enbridge’s dividend payout ratio is currently 140.77%.

About Enbridge

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.