Enbridge (TSE:ENB) Shares Cross Above Two Hundred Day Moving Average - Here's Why

Key Points

• Enbridge's stock price has surpassed its two hundred day moving average, reaching C$62.47 during trading, indicating a potential upward trend.
• Analysts have recently upgraded Enbridge's rating, with Jefferies increasing its price target from C$65.00 to C$72.00, suggesting a strong market outlook.
• The company announced a quarterly dividend of $0.9425, yielding 6.06%, despite a high dividend payout ratio of 118.98%.

Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$62.39 and traded as high as C$62.47. Enbridge shares last traded at C$62.25, with a volume of 3,395,697 shares trading hands.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent research reports. Echelon Wealth Partners increased their price objective on shares of Enbridge from C$67.00 to C$74.00 in a research note on Wednesday, April 23rd. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating and increased their price objective for the company from C$65.00 to C$72.00 in a research note on Wednesday, July 23rd. BMO Capital Markets increased their target price on shares of Enbridge from C$60.00 to C$63.00 in a research report on Monday, May 12th. Finally, Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Enbridge has a consensus rating of "Moderate Buy" and a consensus target price of C$66.50.

Enbridge Trading Up 1.6%

The stock's fifty day simple moving average is C$62.17 and its 200-day simple moving average is C$62.39. The firm has a market cap of C$138.12 billion, a PE ratio of 20.72, a PEG ratio of 1.72 and a beta of 0.90. The company has a debt-to-equity ratio of 144.86, a current ratio of 0.62 and a quick ratio of 0.44.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Monday, September 1st will be issued a $0.9425 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $3.77 dividend on an annualized basis and a dividend yield of 5.9%. Enbridge's dividend payout ratio (DPR) is currently 118.98%.

Insider Activity

In other Enbridge news, Senior Officer Maximilian Chan sold 801 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were 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.