Scotiabank Upgrades Enbridge (TSE:ENB) to Strong-Buy

Enbridge (TSE:ENB) (NYSE:ENB) was upgraded by equities research analysts at Scotiabank to a “strong-buy” rating in a report released on Thursday, Zacks reports.

Other equities research analysts have also recently issued reports about the company. US Capital Advisors raised Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. ATB Cormark Capital Markets upped their price target on Enbridge from C$83.00 to C$84.00 and gave the stock an “outperform” rating in a research note on Tuesday. TD Securities raised shares of Enbridge from a “hold” rating to a “strong-buy” rating in a report on Monday, September 14th. BMO Capital Markets upgraded shares of Enbridge from a “hold” rating to an “outperform” rating and lifted their price objective for the company from C$79.00 to C$79.50 in a research report on Tuesday. Finally, Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a “hold” rating to an “outperformer” rating and lifted their price objective for the company from C$77.00 to C$78.00 in a research report on Friday, August 28th. Two investment 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$77.62.

Enbridge Price Performance

TSE ENB opened at C$68.14 on Thursday. 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 has a 12 month low of C$62.42 and a 12 month high of C$80.65. The stock has a market cap of C$148.83 billion, a price-to-earnings ratio of 26.31, a PEG ratio of 1.72 and a beta of 0.69. The company’s 50 day moving average is C$72.61 and its two-hundred day moving average is C$74.61.

Enbridge (TSE:ENB) (NYSE:ENB) last announced its quarterly earnings data on Friday, July 31st. The company reported C$0.63 earnings per share (EPS) for the quarter. The firm had revenue of C$29.32 billion during the quarter. Enbridge had a net margin of 7.28% and a return on equity of 10.01%. As a group, research analysts anticipate that Enbridge will post 3.511912 earnings per share for the current year.

Insider Activity

In other news, Director Gregory Lorne Ebel bought 7,105 shares of the stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of C$66.85 per share, for a total transaction of C$474,969.25. Following the transaction, the director owned 589,721 shares of the company’s stock, valued at C$39,422,848.85. The trade was a 1.22% increase in their ownership of the stock. 0.10% of the stock is owned by company insiders.

About Enbridge

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.