ATB Capital Forecasts Strong Price Appreciation for Enbridge (TSE:ENB) Stock

Key Points

• ATB Capital has raised its target price for Enbridge (TSE:ENB) stock from C$66.00 to C$67.00, indicating a potential upside of 4.13% based on the stock's previous close.
• Recent ratings from multiple research firms have shown a strong backing for Enbridge, with Echelon Wealth Partners and Jefferies Financial Group increasing their price targets to C$74.00 and C$72.00, respectively.
• Enbridge shares are showing positive performance, evidenced by a 1.0% increase in stock price, reaching C$64.34 during mid-day trading.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB had its price objective hoisted by equities researchers at ATB Capital from C$66.00 to C$67.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. ATB Capital's price objective suggests a potential upside of 4.13% from the stock's previous close.

A number of other research firms have also issued reports on ENB. Echelon Wealth Partners boosted their target price on shares of Enbridge from C$67.00 to C$74.00 in a research note on Wednesday, April 23rd. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating and boosted their target price for the company from C$65.00 to C$72.00 in a research note on Wednesday, July 23rd. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets boosted their price target on shares of Enbridge from C$60.00 to C$63.00 in a research report on Monday, May 12th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$67.07.

Enbridge Stock Up 1.0%

ENB stock traded up C$0.61 during mid-day trading on Tuesday, hitting C$64.34. 4,189,351 shares of the company were exchanged, compared to its average volume of 8,438,786. The company has a market capitalization of C$139.44 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90. The company has a current ratio of 0.62, a quick ratio of 0.44 and a debt-to-equity ratio of 144.86. Enbridge has a twelve month low of C$51.21 and a twelve month high of C$65.62. The firm has a fifty day simple moving average of C$62.18 and a 200 day simple moving average of C$62.38.

Insider Buying and Selling

In other Enbridge news, Senior Officer Maximilian Chan sold 801 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of C$63.17, for a total transaction of C$50,599.17. 0.10% of the stock is currently owned by corporate insiders.

About Enbridge

Enbridge owns extensive midstream assets that transport hydrocarbons across the U.S. and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also owns and operates a regulated natural gas utility and Canada's largest natural gas distribution company.

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