Enbridge (TSE:ENB) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Enbridge Inc. shares surpassed their 200-day moving average, trading at C$66.45 with a high of C$66.74 on Friday, indicating positive momentum for the stock.
• Numerous analysts have upgraded Enbridge's stock ratings, with a consensus rating of "Moderate Buy" and a price target of C$67.07, reflecting increasing market confidence.
• The company has announced a quarterly dividend of $0.9425 per share, with an annualized dividend yield of 5.7%, highlighting its commitment to returning value to shareholders.

Shares of Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$62.62 and traded as high as C$66.74. Enbridge shares last traded at C$66.45, with a volume of 4,337,296 shares.

Wall Street Analysts Forecast Growth

ENB has been the subject of several analyst reports. National Bankshares lifted their price objective 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. Argus upgraded Enbridge to a "strong-buy" rating in a research note on Tuesday, August 12th. BMO Capital Markets raised their price objective on Enbridge from C$60.00 to C$63.00 in a research note on Monday, May 12th. ATB Capital upped their target price on Enbridge from C$66.00 to C$67.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating and lifted their price target for the company from C$65.00 to C$72.00 in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Enbridge has a consensus rating of "Moderate Buy" and an average target price of C$67.07.

Enbridge Price Performance

The firm's 50-day simple moving average is C$63.29 and its 200-day simple moving average is C$62.66. The company has a debt-to-equity ratio of 144.86, a quick ratio of 0.44 and a current ratio of 0.62. The company has a market capitalization of C$145.14 billion, a price-to-earnings ratio of 23.44, a price-to-earnings-growth ratio of 1.72 and a beta of 0.89.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Monday, September 1st were given a $0.9425 dividend. This represents a $3.77 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is 130.81%.

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.