Enbridge (NYSE:ENB) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Enbridge (NYSE:ENB) (TSE:ENB) had its price objective lifted by research analysts at Royal Bank Of Canada from $79.00 to $84.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 54.89% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Raymond James Financial lowered Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. TD Securities restated a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Five investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Enbridge has an average rating of “Hold” and an average price target of $69.00.

Enbridge Stock Performance

Shares of Enbridge stock traded down $0.23 during trading on Monday, hitting $54.23. 941,389 shares of the company’s stock were exchanged, compared to its average volume of 4,645,429. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The business has a 50-day simple moving average of $55.52 and a 200-day simple moving average of $53.63. Enbridge has a 52-week low of $45.03 and a 52-week high of $58.45. The stock has a market capitalization of $118.45 billion, a price-to-earnings ratio of 29.01 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.21%. The company had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, research analysts forecast that Enbridge will post 2.13 EPS for the current year.

Institutional Trading of Enbridge

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Enbridge by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after buying an additional 2,067,516 shares in the last quarter. Norges Bank purchased a new stake in Enbridge in the 4th quarter worth $1,195,559,000. Geode Capital Management LLC increased its holdings in Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock worth $1,045,172,000 after acquiring an additional 1,415,995 shares in the last quarter. Legal & General Group Plc raised its position in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after acquiring an additional 858,323 shares during the period. Finally, Mackenzie Financial Corp raised its position in Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company’s stock worth $870,577,000 after acquiring an additional 844,594 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

About Enbridge

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.