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

Enbridge (TSE:ENB) (NYSE:ENB) had its price target boosted by Scotiabank from C$78.00 to C$84.00 in a report issued on Tuesday,BayStreet.CA reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective would indicate a potential upside of 5.94% from the company’s previous close.

A number of other equities analysts have also recently commented on ENB. TD lifted their price target on Enbridge from C$79.00 to C$81.00 and gave the stock a “hold” rating in a research note on Thursday, June 25th. Royal Bank Of Canada increased their price objective on Enbridge from C$76.00 to C$79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Raymond James Financial raised their target price on shares of Enbridge from C$78.00 to C$80.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. National Bank Financial lifted their target price on shares of Enbridge from C$73.00 to C$81.00 and gave the stock a “sector perform” rating in a research note on Monday, June 1st. Finally, Barclays upped their price target on shares of Enbridge from C$68.00 to C$73.00 in a report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of C$76.00.

Enbridge Stock Up 1.3%

Shares of TSE:ENB opened at C$79.29 on Tuesday. The stock has a market capitalization of C$173.15 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 1.72 and a beta of 0.73. The stock’s 50-day moving average price is C$78.02 and its 200-day moving average price is C$73.51. The company has a current ratio of 0.81, a quick ratio of 0.44 and a debt-to-equity ratio of 168.58. Enbridge has a 12-month low of C$61.22 and a 12-month high of C$80.65.

Enbridge (TSE:ENB) (NYSE:ENB) last released its earnings results on Friday, May 8th. The company reported C$0.98 earnings per share for the quarter. The company had revenue of C$22.36 billion during the quarter. Enbridge had a return on equity of 11.11% and a net margin of 9.43%. On average, equities analysts anticipate that Enbridge will post 3.511912 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mayank Mulraj Ashar sold 3,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of C$78.87, for a total value of C$236,610.00. Following the completion of the sale, the director owned 42,000 shares of the company’s stock, valued at C$3,312,540. This trade represents a 6.67% decrease in their ownership of the stock. Also, insider Melissa Marie Laforge sold 855 shares of Enbridge stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$80.16, for a total transaction of C$68,536.80. Following the completion of the sale, the insider owned 7,904 shares in the company, valued at approximately C$633,584.64. This trade represents a 9.76% decrease in their position. Over the last quarter, insiders sold 8,855 shares of company stock worth $695,547. Corporate insiders own 0.10% of the company’s stock.

Enbridge News Roundup

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge has started construction on its Sunrise Expansion Program in British Columbia, a roughly C$4 billion project that should add long-term cash flow and expand the company’s natural gas capacity. Article: Enbridge starts construction on B.C. pipeline expansion for natural gas
• Positive Sentiment: Scotiabank raised its price target on Enbridge to C$84 from C$78 and reiterated a “sector outperform” rating, signaling continued analyst confidence in the stock’s upside. Article: Analyst rating update
• Positive Sentiment: Market commentary around the Sunrise project suggests the new investment supports Enbridge’s long-term growth narrative, even after a strong multi-year run in the shares. Article: Enbridge (TSX:ENB) Stock Stays Fully Priced As Sunrise Expansion Starts
• Neutral Sentiment: Some analysis says Enbridge now looks more fairly valued after its multi-year rally, which may limit near-term re-rating potential even with the new project underway. Article: Enbridge valuation commentary

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.