Enbridge (NYSE:ENB) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Enbridge (NYSE:ENB) (TSE:ENB) had its target price upped by equities researchers at Royal Bank Of Canada from $72.00 to $76.00 in a report issued on Tuesday, Marketbeat reports. The firm presently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s price target suggests a potential upside of 49.39% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Weiss Ratings raised shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 9th. TD Securities downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday. National Bank Financial restated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Zacks Research raised Enbridge from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. downgraded Enbridge from an “overweight” rating to a “neutral” rating in a report on Tuesday, January 27th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Enbridge Stock Down 1.1%

Shares of NYSE:ENB opened at $50.88 on Tuesday. Enbridge has a 52-week low of $39.73 and a 52-week high of $54.19. The company has a quick ratio of 0.68, a current ratio of 0.63 and a debt-to-equity ratio of 1.70. The business has a fifty day moving average of $48.22 and a two-hundred day moving average of $48.11. The stock has a market cap of $111.00 billion, a P/E ratio of 22.12 and a beta of 0.69.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. The company had revenue of $17.18 billion during the quarter, compared to analyst estimates of $9.10 billion. During the same quarter last year, the firm posted $0.75 earnings per share. On average, research analysts expect that Enbridge will post 2.14 earnings per share for the current year.

Hedge Funds Weigh In On Enbridge

A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Enbridge during the fourth quarter worth about $1,195,559,000. Bank of Nova Scotia grew its position in Enbridge by 118.0% in the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock valued at $480,518,000 after acquiring an additional 5,157,030 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Enbridge by 38.7% during the second quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after purchasing an additional 3,687,334 shares during the period. Vanguard Group Inc. lifted its position in shares of Enbridge by 3.5% during the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after purchasing an additional 3,217,961 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Enbridge by 20.2% in the second quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after purchasing an additional 2,989,992 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

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.