Enbridge (NYSE:ENB) Upgraded by Scotiabank to Strong-Buy Rating

Scotiabank upgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) to a strong-buy rating in a research note released on Thursday morning,Zacks reports.

Other equities analysts have also recently issued reports about the company. BMO Capital Markets raised Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 price objective for the company in a report on Monday. TD Securities initiated coverage on Enbridge in a report on Monday. They set a “buy” rating for the company. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, August 19th. Finally, Raymond James Financial restated a “market perform” rating on shares of Enbridge in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.17.

Enbridge Price Performance

Shares of NYSE ENB opened at $48.68 on Thursday. The firm has a market cap of $108.50 billion, a P/E ratio of 26.03, a price-to-earnings-growth ratio of 5.75 and a beta of 0.57. The business’s 50 day moving average is $52.03 and its 200-day moving average is $53.73. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. Enbridge has a 1-year low of $45.03 and a 1-year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same period in the previous year, the business earned $0.65 earnings per share. Equities research analysts predict that Enbridge will post 2.12 earnings per share for the current year.

Enbridge Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 8.0%. Enbridge’s dividend payout ratio is 147.06%.

Institutional Investors Weigh In On Enbridge

Several hedge funds and other institutional investors have recently bought and sold shares of ENB. Retirement Planning Group LLC boosted its holdings in Enbridge by 3.6% in the first quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock worth $290,000 after acquiring an additional 187 shares in the last quarter. Bank & Trust Co lifted its stake in shares of Enbridge by 0.6% in the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock valued at $1,804,000 after buying an additional 193 shares in the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Enbridge by 0.6% during the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock valued at $1,710,000 after buying an additional 194 shares during the last quarter. PFG Investments LLC grew its holdings in shares of Enbridge by 0.9% during the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after buying an additional 202 shares during the last quarter. Finally, Clearwave Capital LLC increased its position in shares of Enbridge by 0.9% during the second quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company’s stock worth $1,194,000 after acquiring an additional 204 shares in the last quarter. 54.60% of the stock is owned by institutional investors.

Enbridge Company Profile

Enbridge Inc is a Canadian energy infrastructure company headquartered in Calgary, Alberta. Founded in 1949 as Interprovincial Pipe Line, the company has grown into one of North America’s largest energy delivery businesses, operating primarily in Canada and the United States.

Enbridge’s operations include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas distribution and utility services. Its pipeline systems transport energy products from producing regions to refineries, export facilities, utilities and other customers.