Enbridge Inc. (NYSE:ENB) Raises Dividend to $0.68 Per Share

Enbridge Inc. (NYSE:ENB) (TSE:ENB) announced a quarterly dividend on Wednesday, April 24th, Zacks reports. Shareholders of record on Wednesday, May 15th will be given a dividend of 0.677 per share by the pipeline company on Saturday, June 1st. This represents a $2.71 annualized dividend and a yield of 7.65%. The ex-dividend date of this dividend is Tuesday, May 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.66.

Enbridge has raised its dividend by an average of 2.9% annually over the last three years. Enbridge has a payout ratio of 122.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Enbridge to earn $2.24 per share next year, which means the company may not be able to cover its $2.70 annual dividend with an expected future payout ratio of 120.5%.

Enbridge Stock Down 0.8 %

ENB stock opened at $35.39 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.74 and a debt-to-equity ratio of 1.30. The firm has a 50 day simple moving average of $35.12 and a 200-day simple moving average of $34.77. The company has a market capitalization of $75.24 billion, a P/E ratio of 16.99, a PEG ratio of 3.32 and a beta of 0.84. Enbridge has a twelve month low of $31.03 and a twelve month high of $40.30.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 9th. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The company had revenue of $8.37 billion during the quarter, compared to analyst estimates of $9.62 billion. Enbridge had a net margin of 13.97% and a return on equity of 10.23%. On average, equities research analysts predict that Enbridge will post 2.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ENB has been the subject of a number of research analyst reports. Stifel Nicolaus started coverage on Enbridge in a report on Thursday, January 18th. They issued a “hold” rating for the company. Jefferies Financial Group began coverage on shares of Enbridge in a research note on Tuesday, February 27th. They set a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Enbridge currently has a consensus rating of “Hold” and an average target price of $55.20.

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.