Scotiabank Forecasts Strong Price Appreciation for Enbridge (TSE:ENB) Stock

Key Points

• Scotiabank raised its price target on Enbridge from C$73.00 to C$77.00 and maintained an "outperform" rating, implying about a 9.72% upside from the current price.
• Multiple brokers (RBC, Raymond James, ATB Cormark, etc.) have also lifted targets recently and the consensus rating is a Moderate Buy with a consensus price target of C$73.31.
• Enbridge shares traded at C$70.18 during the report, with a market cap of C$153.2B and a P/E of 27.52; the company reported quarterly EPS of C$0.88 on C$17.18B in revenue.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB had its price objective hoisted by Scotiabank from C$73.00 to C$77.00 in a report issued on Tuesday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. Scotiabank's price objective suggests a potential upside of 9.72% from the company's current price.

Several other equities research analysts also recently commented on the stock. Raymond James Financial lifted their target price on shares of Enbridge from C$74.00 to C$76.00 in a research report on Monday, November 10th. Royal Bank Of Canada increased their price objective on Enbridge from C$72.00 to C$76.00 and gave the company an "outperform" rating in a report on Tuesday. Jefferies Financial Group lowered Enbridge from a "buy" rating to a "hold" rating and upped their price target for the company from C$71.00 to C$76.00 in a research report on Tuesday. National Bank Financial increased their price target on Enbridge from C$66.00 to C$71.00 and gave the company a "sector perform" rating in a research note on Wednesday, December 17th. Finally, ATB Cormark Capital Markets upped their target price on Enbridge from C$72.00 to C$78.00 and gave the company an "outperform" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Enbridge presently has a consensus rating of "Moderate Buy" and a consensus price target of C$73.31.

Enbridge Price Performance

Enbridge stock traded down C$3.12 during mid-day trading on Tuesday, reaching C$70.18. The company had a trading volume of 6,281,935 shares, compared to its average volume of 8,972,060. The business has a fifty day simple moving average of C$66.00 and a 200 day simple moving average of C$66.57. The company has a market cap of C$153.20 billion, a P/E ratio of 27.52, a P/E/G ratio of 1.72 and a beta of 0.95. Enbridge has a fifty-two week low of C$56.51 and a fifty-two week high of C$73.71. The company has a current ratio of 0.62, a quick ratio of 0.44 and a debt-to-equity ratio of 144.86.

Enbridge (TSE:ENB - Get Free Report) NYSE: ENB last released its quarterly earnings data on Friday, February 13th. The company reported C$0.88 earnings per share for the quarter. The company had revenue of C$17.18 billion for the quarter. Enbridge had a return on equity of 10.30% and a net margin of 13.75%. On average, equities research analysts predict that Enbridge will post 3.511912 earnings per share for the current year.

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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