Enbridge (NYSE:ENB) Reaches New 1-Year High – Time to Buy?

Enbridge Inc (NYSE:ENB) (TSE:ENB) reached a new 52-week high during trading on Thursday . The company traded as high as $55.52 and last traded at $55.6620, with a volume of 222329 shares changing hands. The stock had previously closed at $55.19.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ENB. Weiss Ratings upgraded shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 9th. Citigroup reissued a “buy” rating on shares of Enbridge in a research note on Thursday, February 19th. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Raymond James Financial upgraded Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada boosted their price objective on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Monday. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Price Performance

The company has a quick ratio of 0.55, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $122.43 billion, a PE ratio of 26.32 and a beta of 0.59. The firm’s 50 day simple moving average is $53.82 and its 200 day simple moving average is $50.30.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The business had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. During the same quarter in the prior year, the firm posted $1.03 earnings per share. As a group, research analysts anticipate that Enbridge Inc will post 2.18 EPS for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 6.9%. Enbridge’s dividend payout ratio (DPR) is presently 130.52%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Tsfg LLC lifted its stake in shares of Enbridge by 329.6% during the 3rd quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock worth $25,000 after acquiring an additional 379 shares during the last quarter. Triumph Capital Management bought a new position in Enbridge in the 3rd quarter valued at $26,000. Turning Point Benefit Group Inc. bought a new position in Enbridge in the 3rd quarter valued at $28,000. Inspire Investing LLC purchased a new stake in Enbridge in the fourth quarter worth $29,000. Finally, Garner Asset Management Corp purchased a new stake in Enbridge in the fourth quarter worth $30,000. Institutional investors own 54.60% of the company’s stock.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.