Enbridge (NYSE:ENB) Price Target Raised to $84.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised Enbridge’s price target from $79 to $84 and maintained an “outperform” rating, implying 54.89% upside from the prior close.
• Analyst sentiment remains mixed: five analysts rate Enbridge a Buy and seven rate it Hold, resulting in a consensus “Hold” rating and an average price target of $69.
• Enbridge reported quarterly EPS of $0.46, beating expectations of $0.43, while revenue reached $9.70 billion versus the $8.67 billion consensus estimate.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB had its target price boosted by analysts at Royal Bank Of Canada from $79.00 to $84.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the pipeline company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 54.89% from the stock's previous close.

ENB has been the topic of a number of other research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. TD Securities reaffirmed a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $69.00.

Enbridge Stock Down 0.4%

Shares of ENB traded down $0.23 during trading hours on Monday, hitting $54.23. The company had a trading volume of 941,389 shares, compared to its average volume of 4,645,429. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $118.45 billion, a PE ratio of 29.01 and a beta of 0.58. Enbridge has a one year low of $45.03 and a one year high of $58.45. The company's fifty day moving average price is $55.52 and its two-hundred day moving average price is $53.63.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business 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 11.21%. During the same period in the previous year, the company posted $0.65 earnings per share. As a group, equities analysts forecast that Enbridge will post 2.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Enbridge

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arlington Trust Co LLC raised its stake in Enbridge by 114.6% in the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after acquiring an additional 267 shares during the last quarter. Triumph Capital Management purchased a new stake in Enbridge during the 3rd quarter valued at about $26,000. Turning Point Benefit Group Inc. acquired a new position in shares of Enbridge in the third quarter valued at about $28,000. Inspire Investing LLC acquired a new position in shares of Enbridge in the fourth quarter valued at about $29,000. Finally, Imprint Wealth LLC purchased a new position in shares of Enbridge in the third quarter worth about $31,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Company Profile

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.

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