Enbridge (TSE:ENB) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Enbridge shares crossed above their 50-day moving average, reaching C$68.05 and closing near C$68.01, compared with a 50-day average of C$67.83.
• Analyst sentiment is generally positive: the stock has an average “Moderate Buy” rating and a consensus price target of C$77.62, with recent upgrades from TD and US Capital Advisors.
• Enbridge offers a 5.7% dividend yield based on its annualized C$3.88 payout, while insiders recently purchased shares worth nearly C$1 million combined.

Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB crossed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of C$67.83 and traded as high as C$68.05. Enbridge shares last traded at C$68.01, with a volume of 9,636,708 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. TD upgraded Enbridge from a "hold" rating to a "buy" rating and dropped their price objective for the stock from C$82.00 to C$81.00 in a report on Tuesday, September 15th. ATB Cormark Capital Markets lifted their target price on Enbridge from C$83.00 to C$84.00 and gave the company an "outperform" rating in a report on Tuesday, September 15th. Jefferies Financial Group reduced their target price on Enbridge from C$79.00 to C$70.00 in a report on Tuesday, September 1st. US Capital Advisors raised Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Finally, The Goldman Sachs Group upgraded Enbridge to a "hold" rating in a research note on Wednesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of C$77.62.

Enbridge Price Performance

The company's fifty day moving average is C$67.83 and its 200 day moving average is C$72.34. The company has a quick ratio of 0.44, a current ratio of 0.72 and a debt-to-equity ratio of 171.59. The stock has a market cap of C$151.58 billion, a PE ratio of 26.26, a price-to-earnings-growth ratio of 1.72 and a beta of 0.72.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB last released its quarterly earnings data on Friday, July 31st. The company reported C$0.63 earnings per share (EPS) for the quarter. Enbridge had a net margin of 7.28% and a return on equity of 10.01%. The company had revenue of C$29.32 billion during the quarter. As a group, sell-side analysts anticipate that Enbridge Inc. will post 3.51 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, September 1st were issued a dividend of $0.97 per share. The ex-dividend date was Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 5.7%. Enbridge's payout ratio is presently 147.68%.

Insider Buying and Selling at Enbridge

In other Enbridge news, Director Gregory Lorne Ebel purchased 7,105 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was purchased at an average cost of C$66.85 per share, with a total value of C$474,969.25. Following the transaction, the director owned 589,721 shares in the company, valued at approximately C$39,422,848.85. This trade represents a 1.22% increase in their ownership of the stock. Also, insider Michele Eva Harradence purchased 7,105 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average cost of C$67.28 per share, with a total value of C$478,024.40. Following the completion of the transaction, the insider owned 87,467 shares in the company, valued at C$5,884,779.76. This trade represents a 8.84% increase in their position. Insiders own 0.10% of the company's stock.

About Enbridge

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage.

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