National Bank Financial Upgrades Enbridge (TSE:ENB) to Outperform

Key Points

• National Bank Financial upgraded Enbridge from “sector perform” to “outperform” and raised its price target from C$81 to C$82, implying 21.52% upside from the prior close.
• Analyst sentiment has generally improved: Enbridge has eight Buy ratings and five Holds, resulting in a consensus “Moderate Buy” rating and an average target price of C$77.62.
• Enbridge shares traded at C$67.48, while the company reported quarterly revenue of C$29.32 billion and earnings of C$0.63 per share; analysts expect full-year EPS of approximately C$3.51.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB was upgraded by equities researchers at National Bank Financial from a "sector perform" rating to an "outperform" rating in a note issued to investors on Tuesday, BayStreet reports. The firm currently has a C$82.00 target price on the stock, up from their prior target price of C$81.00. National Bank Financial's price target indicates a potential upside of 21.52% from the stock's previous close.

Other analysts have also recently issued reports about the stock. Raymond James Financial raised their target price on shares of Enbridge from C$79.00 to C$80.00 and gave the stock a "market perform" rating in a report on Tuesday. Jefferies Financial Group cut their price objective on Enbridge from C$79.00 to C$70.00 in a research report on Tuesday, September 1st. BMO Capital Markets raised Enbridge from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from C$79.00 to C$79.50 in a research note on Tuesday. Canadian Imperial Bank of Commerce upgraded Enbridge from a "hold" rating to an "outperformer" rating and lifted their target price for the stock from C$77.00 to C$78.00 in a report on Friday, August 28th. Finally, US Capital Advisors raised Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Eight equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of C$77.62.

Enbridge Price Performance

Shares of TSE:ENB traded up C$0.45 during trading hours on Tuesday, hitting C$67.48. 2,607,367 shares of the company's stock traded hands, compared to its average volume of 8,622,322. Enbridge has a 52 week low of C$62.42 and a 52 week high of C$80.65. The company has a debt-to-equity ratio of 171.59, a quick ratio of 0.44 and a current ratio of 0.72. The company's fifty day simple moving average is C$73.40 and its two-hundred day simple moving average is C$74.74. The company has a market cap of C$147.38 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 1.72 and a beta of 0.69.

Enbridge (TSE:ENB - Get Free Report) 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. Enbridge had a net margin of 7.28% and a return on equity of 10.01%. The company had revenue of C$29.32 billion for the quarter. As a group, equities analysts anticipate that Enbridge will post 3.511912 EPS for the current fiscal year.

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.

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