Enbridge (TSE:ENB) Reaches New 52-Week High - Here's What Happened

Key Points

• Enbridge Inc. recently achieved a new 52-week high, trading at C$65.62, with substantial trading volume indicating positive investor interest.
• Analysts have upgraded Enbridge's stock rating, with ATB Capital and Jefferies Financial Group raising their price targets to C$67.00 and C$72.00 respectively.
• The company declared a quarterly dividend of $0.9425, which translates to an annualized yield of 5.8%, despite a high dividend payout ratio of 118.98%.

Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB shares hit a new 52-week high during trading on Monday . The company traded as high as C$65.62 and last traded at C$65.47, with a volume of 19887822 shares. The stock had previously closed at C$64.69.

Analyst Ratings Changes

A number of research analysts have commented on ENB shares. Echelon Wealth Partners raised their price target on shares of Enbridge from C$67.00 to C$74.00 in a research note on Wednesday, April 23rd. Argus upgraded shares of Enbridge to a "strong-buy" rating in a research note on Tuesday. ATB Capital lifted their target price on shares of Enbridge from C$66.00 to C$67.00 and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating and lifted their target price for the company from C$65.00 to C$72.00 in a research note on Wednesday, July 23rd. Finally, National Bankshares lifted their target price on shares of Enbridge from C$64.00 to C$65.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 5th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of C$67.07.

Enbridge Stock Down 2.3%

The company has a market cap of C$140.89 billion, a price-to-earnings ratio of 21.13, 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. The firm's fifty day moving average price is C$62.42 and its 200-day moving average price is C$62.45.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Monday, September 1st will be given a $0.9425 dividend. This represents a $3.77 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Friday, August 15th. Enbridge's payout ratio is currently 118.98%.

Insider Buying and Selling

In related news, Senior Officer Maximilian Chan sold 801 shares of Enbridge stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of C$63.17, for a total value of C$50,599.17. Corporate insiders own 0.10% of the company's stock.

Enbridge Company Profile

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.