CIBC Cuts Enbridge (ENB) Price Target to C$63.00

Enbridge (TSE:ENB) (NYSE:ENB) had its target price decreased by CIBC from C$67.00 to C$63.00 in a note issued to investors on Friday, reports. CIBC’s price target would suggest a potential upside of 29.50% from the company’s current price.

A number of other equities research analysts have also recently commented on ENB. National Bank Financial cut their target price on Enbridge from C$63.00 to C$60.00 and set an “outperform” rating on the stock in a research note on Thursday. Canaccord Genuity dropped their price objective on Enbridge from C$59.00 to C$54.00 in a research report on Thursday. Scotiabank dropped their price objective on Enbridge from C$61.00 to C$60.00 and set an “outperform” rating on the stock in a research report on Thursday. BMO Capital Markets dropped their price objective on Enbridge from C$70.00 to C$66.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, TD Securities increased their price objective on Enbridge from C$62.00 to C$64.00 and gave the company a “buy” rating in a research report on Tuesday, August 8th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of C$61.03.

Enbridge (TSE ENB) traded up C$2.90 during midday trading on Friday, hitting C$48.65. The stock had a trading volume of 10,571,202 shares, compared to its average volume of 3,000,604. Enbridge has a 52-week low of C$43.91 and a 52-week high of C$58.28.

In other news, Director Albert Monaco bought 9,356 shares of the company’s stock in a transaction on Friday, September 15th. The shares were acquired at an average cost of C$50.02 per share, with a total value of C$467,987.12. Also, Director Wanda Marie Opheim sold 28,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of C$51.00, for a total value of C$1,428,000.00. Over the last ninety days, insiders have purchased 10,156 shares of company stock worth $499,357 and have sold 103,999 shares worth $4,958,443.

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Enbridge Company Profile

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

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