Enbridge (TSE:ENB) Announces Quarterly Earnings Results

Enbridge (TSE:ENB) (NYSE:ENB) issued its quarterly earnings data on Friday. The company reported C$0.49 earnings per share for the quarter, FiscalAI reports. The firm had revenue of C$21.08 billion for the quarter. Enbridge had a net margin of 7.28% and a return on equity of 10.01%.

Enbridge Price Performance

TSE:ENB traded down C$1.19 during midday trading on Friday, hitting C$66.14. 10,083,608 shares of the stock were exchanged, compared to its average volume of 8,577,963. Enbridge has a one year low of C$62.42 and a one year high of C$80.65. The company has a market capitalization of C$147.42 billion, a price-to-earnings ratio of 25.54, a P/E/G ratio of 1.72 and a beta of 0.74. The business has a 50-day moving average price of C$67.56 and a two-hundred day moving average price of C$72.49. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, December 1st will be issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $3.88 annualized dividend and a yield of 5.9%. Enbridge’s payout ratio is presently 147.68%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. BMO Capital Markets upgraded shares of Enbridge from a “hold” rating to an “outperform” rating and raised their price target for the company from C$79.00 to C$79.50 in a research note on Tuesday, September 15th. The Goldman Sachs Group raised Enbridge to a “hold” rating in a report on Wednesday, September 30th. TD Securities upgraded Enbridge from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 14th. Finally, National Bank Financial upgraded Enbridge from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from C$81.00 to C$82.00 in a research report on Tuesday, September 15th. Two 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$77.62.

Insider Buying and Selling

In other news, insider Michele Eva Harradence purchased 7,105 shares of the 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 owned 87,467 shares in the company, valued at C$5,884,779.76. This trade represents a 8.84% increase in their ownership of the stock. Also, Director Gregory Lorne Ebel purchased 7,105 shares of the 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 transaction, the director owned 589,721 shares in the company, valued at C$39,422,848.85. This trade represents a 1.22% increase in their position. Corporate insiders own 0.10% of the company’s stock.

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.