Enbridge (NYSE:ENB) Reaches New 1-Year High – Here’s Why

Enbridge Inc (NYSE:ENB) (TSE:ENB)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $51.23 and last traded at $51.08, with a volume of 4917919 shares. The stock had previously closed at $50.63.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Weiss Ratings cut shares of Enbridge from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 26th. Zacks Research upgraded shares of Enbridge from a “strong sell” rating to a “hold” rating in a research note on Monday, December 29th. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. Royal Bank Of Canada lifted their price target on shares of Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Monday, November 10th. Finally, Scotiabank upgraded Enbridge from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 16th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Stock Up 0.9%

The stock has a market capitalization of $111.44 billion, a P/E ratio of 28.07 and a beta of 0.69. The company has a current ratio of 0.80, a quick ratio of 0.68 and a debt-to-equity ratio of 1.64. The stock’s 50 day simple moving average is $47.69 and its 200 day simple moving average is $47.84.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.6%. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, February 17th. Enbridge’s payout ratio is 152.75%.

Institutional Investors Weigh In On Enbridge

Several institutional investors and hedge funds have recently made changes to their positions in ENB. Norges Bank acquired a new stake in Enbridge during the fourth quarter worth about $1,195,559,000. Bank of Nova Scotia grew its holdings in shares of Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock valued at $480,518,000 after purchasing an additional 5,157,030 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Enbridge by 38.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after purchasing an additional 3,687,334 shares during the period. Vanguard Group Inc. boosted its position in Enbridge by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after purchasing an additional 3,217,961 shares during the period. Finally, Geode Capital Management LLC grew its stake in Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after buying an additional 2,989,992 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.