Enbridge (NYSE:ENB) Sets New 52-Week High - Here's What Happened

Key Points

• Enbridge's stock reached a new 52-week high of $50.15, closing at $49.96 with a trading volume of over 4.2 million shares.
• The company recently reported earnings per share of $0.47 for the last quarter, exceeding analysts' expectations, but its revenue of $7.14 billion fell short of the anticipated $10.56 billion.
• Enbridge announced an increase in its quarterly dividend to $0.6839 per share, reflecting a 5.5% dividend yield and a payout ratio of 134.98%.

Enbridge Inc (NYSE:ENB - Get Free Report) TSE: ENB's stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $50.15 and last traded at $49.96, with a volume of 4209320 shares. The stock had previously closed at $49.60.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of research reports. Argus boosted their target price on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. National Bankshares reiterated a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Wall Street Zen cut shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday. Finally, Zacks Research cut shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Enbridge has an average rating of "Moderate Buy" and a consensus price target of $60.50.

Enbridge Trading Up 0.7%

The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The business's 50-day simple moving average is $47.40 and its two-hundred day simple moving average is $45.75. The company has a market capitalization of $108.94 billion, a PE ratio of 24.61, a PEG ratio of 4.54 and a beta of 0.80.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the prior year, the company posted $0.58 EPS. On average, analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.6839 per share. This is an increase from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.5%. Enbridge's dividend payout ratio (DPR) is currently 134.98%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC raised its holdings in Enbridge by 1.2% in the second quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company's stock worth $820,000 after buying an additional 213 shares during the last quarter. South Plains Financial Inc. raised its holdings in Enbridge by 13.2% in the 2nd quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company's stock worth $85,000 after acquiring an additional 220 shares during the last quarter. IFP Advisors Inc raised its holdings in Enbridge by 1.2% in the 2nd quarter. IFP Advisors Inc now owns 18,217 shares of the pipeline company's stock worth $826,000 after acquiring an additional 221 shares during the last quarter. Capital Investment Counsel Inc raised its holdings in Enbridge by 3.1% in the 1st quarter. Capital Investment Counsel Inc now owns 7,527 shares of the pipeline company's stock worth $333,000 after acquiring an additional 223 shares during the last quarter. Finally, New England Capital Financial Advisors LLC raised its stake in shares of Enbridge by 21.0% in the second quarter. New England Capital Financial Advisors LLC now owns 1,285 shares of the pipeline company's stock worth $58,000 after purchasing an additional 223 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.

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