Enbridge (TSE:ENB) Hits New 52-Week High – Here’s Why

Shares of Enbridge Inc. (TSE:ENB) (NYSE:ENB) reached a new 52-week high during trading on Wednesday . The stock traded as high as C$64.02 and last traded at C$63.71, with a volume of 1236647 shares trading hands. The stock had previously closed at C$63.24.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on ENB shares. CIBC boosted their price objective on Enbridge from C$63.00 to C$66.00 and gave the company an “outperform” rating in a report on Thursday, January 9th. TD Securities set a C$66.00 target price on Enbridge and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley set a C$64.00 target price on shares of Enbridge and gave the company an “equal weight” rating in a research report on Friday, October 25th. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating and upped their price target for the stock from C$55.00 to C$58.00 in a research report on Monday, September 30th. Finally, Royal Bank of Canada lifted their price objective on Enbridge from C$59.00 to C$63.00 in a report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of C$61.69.

Enbridge Stock Performance

The company has a current ratio of 0.76, a quick ratio of 0.44 and a debt-to-equity ratio of 131.26. The firm has a fifty day moving average price of C$60.39 and a 200 day moving average price of C$55.76. The firm has a market cap of C$138.43 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Friday, February 14th will be given a dividend of $0.9425 per share. This represents a $3.77 dividend on an annualized basis and a dividend yield of 5.94%. This is an increase from Enbridge’s previous quarterly dividend of $0.92. Enbridge’s dividend payout ratio (DPR) is presently 140.77%.

Insiders Place Their Bets

In other news, Senior Officer Cynthia Lynn Hansen sold 1,106 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of C$59.94, for a total value of C$66,293.64. 0.10% of the stock is currently owned by insiders.

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.