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

Key Points

• Enbridge Inc. reached a new 52-week high, trading at C$68.82, with significant volume of over 6 million shares.
• Multiple analysts upgraded their ratings for Enbridge, with a consensus rating of "Moderate Buy" and a price target averaging around C$67.07.
• Enbridge declared a quarterly dividend of $0.9425, reflecting an annualized dividend yield of 5.5% and a payout ratio of 130.81%.

Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB's stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$68.82 and last traded at C$68.04, with a volume of 6085622 shares traded. The stock had previously closed at C$67.78.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ENB shares. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating and increased their target price for the stock from C$65.00 to C$72.00 in a research report on Wednesday, July 23rd. ATB Capital increased their target price on shares of Enbridge from C$66.00 to C$67.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. National Bankshares increased their target price on shares of Enbridge from C$64.00 to C$65.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 5th. Finally, Argus upgraded shares of Enbridge to a "strong-buy" rating in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge currently has an average rating of "Moderate Buy" and an average price target of C$67.07.

Enbridge Price Performance

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 has a market cap of C$149.06 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90. The company's 50-day moving average is C$64.94 and its 200-day moving average is C$63.29.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were given a $0.9425 dividend. The ex-dividend date was Friday, August 15th. This represents a $3.77 dividend on an annualized basis and a yield of 5.5%. Enbridge's dividend payout ratio (DPR) is currently 130.81%.

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.