Enbridge (NYSE:ENB) Share Price Breaks Above Fifty Day Moving Average – What’s Next?

Enbridge Inc (NYSE:ENB) (TSE:ENB)’s stock price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $48.39 and traded as high as $48.43. Enbridge shares last traded at $48.4150, with a volume of 5,859,231 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Scotiabank raised Enbridge to a “strong-buy” rating in a report on Thursday, September 17th. National Bank Financial upgraded Enbridge from a “sector perform” rating to an “outperform” rating in a research report on Tuesday, September 15th. Jefferies Financial Group reiterated a “hold” rating on shares of Enbridge in a report on Monday, September 14th. Raymond James Financial reissued a “market perform” rating on shares of Enbridge in a research report on Tuesday, September 15th. Finally, TD Securities reissued a “buy” rating on shares of Enbridge in a research report on Friday, October 16th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.88.

Enbridge Trading Up 0.3%

The business’s 50-day moving average is $48.39 and its 200-day moving average is $52.09.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business posted $0.65 earnings per share. Equities analysts anticipate that Enbridge Inc will post 2.08 EPS for the current fiscal year.

Institutional Trading of Enbridge

Hedge funds have recently modified their holdings of the stock. Deutsche Bank AG purchased a new position in Enbridge during the second quarter valued at approximately $1,850,502,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Enbridge by 18.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock valued at $1,117,353,000 after acquiring an additional 3,205,322 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in Enbridge by 1.6% in the third quarter. TD Waterhouse Canada Inc. now owns 16,456,664 shares of the pipeline company’s stock valued at $760,553,000 after acquiring an additional 266,866 shares during the period. Amundi lifted its holdings in Enbridge by 8.5% in the second quarter. Amundi now owns 11,948,497 shares of the pipeline company’s stock valued at $647,728,000 after acquiring an additional 936,435 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in Enbridge by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,079,469 shares of the pipeline company’s stock worth $599,709,000 after purchasing an additional 268,800 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.

The company’s operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.

Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.