Enbridge (TSE:ENB) Stock Breaks Below 200 Day Moving Average – What’s Next?

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s stock price passed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of C$74.34 and traded as low as C$65.98. Enbridge shares last traded at C$66.58, with a volume of 6,354,002 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. TD upgraded Enbridge from a “hold” rating to a “buy” rating and reduced their price target for the company from C$82.00 to C$81.00 in a research report on Tuesday, September 15th. Raymond James Financial raised their price target on shares of Enbridge from C$79.00 to C$80.00 and gave the stock a “market perform” rating in a report on Tuesday, September 15th. ATB Cormark Capital Markets boosted their price target on shares of Enbridge from C$83.00 to C$84.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 15th. Finally, TD Securities upgraded shares of Enbridge from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Moderate Buy” and a consensus price target of C$77.62.

Enbridge Trading Up 0.2%

The firm has a 50-day moving average of C$70.96 and a 200 day moving average of C$74.29. The company has a market cap of C$144.87 billion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 1.72 and a beta of 0.69. The company has a current ratio of 0.72, a quick ratio of 0.44 and a debt-to-equity ratio of 171.59.

Enbridge (TSE:ENB) (NYSE:ENB) last issued its earnings results on Friday, July 31st. The company reported C$0.63 earnings per share for the quarter. The business had revenue of C$29.32 billion during the quarter. Enbridge had a return on equity of 10.01% and a net margin of 7.28%. On average, analysts predict that Enbridge Inc. will post 3.511912 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, September 1st were given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date was Friday, August 14th. Enbridge’s payout ratio is presently 147.68%.

Insider Buying and Selling at Enbridge

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

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.