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

Key Points

• Enbridge shares moved above their 50-day moving average of C$67.45, trading as high as C$68.32 before last changing hands at C$67.72.
• Recent analyst changes included upgrades from several firms; the stock carries a consensus “Moderate Buy” rating and an average price target of C$77.62.
• Enbridge announced a quarterly dividend of C$0.97 per share, equivalent to C$3.88 annually and a reported 5.7% yield.

Enbridge Inc. (TSE:ENB - Get Free Report) NYSE: ENB's share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$67.45 and traded as high as C$68.32. Enbridge shares last traded at C$67.72, with a volume of 15,828,523 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ENB shares. Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a "hold" rating to an "outperformer" rating and raised their price objective for the stock from C$77.00 to C$78.00 in a report on Friday, August 28th. The Goldman Sachs Group raised shares of Enbridge to a "hold" rating in a research note on Wednesday, September 30th. BMO Capital Markets raised shares of Enbridge from a "hold" rating to an "outperform" rating and upped their target price for the stock from C$79.00 to C$79.50 in a research note on Tuesday, September 15th. TD Securities upgraded Enbridge from a "hold" rating to a "strong-buy" rating in a report on Monday, September 14th. Finally, TD raised Enbridge from a "hold" rating to a "buy" rating and dropped their price target for the company from C$82.00 to C$81.00 in a research note on Tuesday, September 15th. 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of C$77.62.

Enbridge Stock Up 1.3%

The firm's 50 day simple moving average is C$67.45 and its 200-day simple moving average is C$72.50. The company has a current ratio of 0.72, a quick ratio of 0.44 and a debt-to-equity ratio of 171.59. The stock has a market capitalization of C$150.94 billion, a price-to-earnings ratio of 26.15, a price-to-earnings-growth ratio of 1.72 and a beta of 0.74.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB last announced its quarterly earnings data on Friday, November 6th. The company reported C$0.49 earnings per share for the quarter. Enbridge had a return on equity of 10.43% and a net margin of 7.54%. The company had revenue of C$21.08 billion during the quarter. Equities analysts expect that Enbridge Inc. will post 3.51 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, December 1st will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, November 13th. Enbridge's dividend payout ratio is presently 147.68%.

Insider Activity at Enbridge

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