Enbridge (NYSE:ENB) Reaches New 1-Year High – Here’s Why

Enbridge Inc (NYSE:ENB) (TSE:ENB)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $51.23 and last traded at $51.08, with a volume of 4917919 shares trading hands. The stock had previously closed at $50.63.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ENB. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a report on Monday, November 10th. Weiss Ratings lowered shares of Enbridge from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 26th. Scotiabank upgraded Enbridge from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 16th. Royal Bank Of Canada raised their target price on Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. Finally, National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.00.

Enbridge Trading Up 0.9%

The stock has a market cap of $111.44 billion, a PE ratio of 28.07 and a beta of 0.69. The company’s 50-day moving average price is $47.69 and its 200 day moving average price is $47.84. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 7.6%. The ex-dividend date of this dividend is Tuesday, February 17th. This is an increase from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s dividend payout ratio (DPR) is presently 152.75%.

Institutional Investors Weigh In On Enbridge

Large investors have recently modified their holdings of the company. Westwood Holdings Group Inc. lifted its holdings in shares of Enbridge by 83.1% in the second quarter. Westwood Holdings Group Inc. now owns 2,301,067 shares of the pipeline company’s stock valued at $104,284,000 after purchasing an additional 1,044,093 shares in the last quarter. Mutual Advisors LLC grew its position in shares of Enbridge by 25.3% in the second quarter. Mutual Advisors LLC now owns 51,995 shares of the pipeline company’s stock valued at $2,338,000 after purchasing an additional 10,488 shares during the period. Ritholtz Wealth Management increased its stake in shares of Enbridge by 37.7% during the 2nd quarter. Ritholtz Wealth Management now owns 71,834 shares of the pipeline company’s stock valued at $3,256,000 after acquiring an additional 19,655 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Enbridge by 0.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 4,142,927 shares of the pipeline company’s stock worth $187,705,000 after acquiring an additional 32,268 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in Enbridge by 15.3% during the third quarter. Jones Financial Companies Lllp now owns 1,676,947 shares of the pipeline company’s stock worth $83,176,000 after purchasing an additional 221,976 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.