Enbridge (TSE:ENB) Hits New 52-Week High - Still a Buy?

Key Points

• Enbridge Inc. shares reached a new 52-week high of C$67.35 and last traded at C$66.98, indicating strong trading activity with over 3.5 million shares exchanged.
• Analysts have shown confidence in Enbridge, with several upgrading price targets and ratings; the stock currently holds a consensus rating of "Moderate Buy" with a target price of C$67.07.
• The company recently declared a quarterly dividend of $0.9425, which translates to an annualized dividend yield of 5.6%, despite a high 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 Wednesday . The stock traded as high as C$67.35 and last traded at C$66.98, with a volume of 3527585 shares changing hands. The stock had previously closed at C$66.75.

Analysts Set New Price Targets

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

Enbridge Price Performance

The company has a debt-to-equity ratio of 144.86, a current ratio of 0.62 and a quick ratio of 0.44. The stock's fifty day simple moving average is C$64.22 and its 200-day simple moving average is C$63.03. The company has a market capitalization of C$148.23 billion, a P/E ratio of 23.94, a PEG ratio of 1.72 and a beta of 0.90.

Enbridge Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Monday, September 1st were issued a dividend of $0.9425 per share. This represents a $3.77 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Friday, August 15th. Enbridge's dividend payout ratio is 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.