Enbridge (TSE:ENB) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Enbridge Inc. (TSE:ENB) (NYSE:ENB) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$56.85 and traded as high as C$64.45. Enbridge shares last traded at C$63.86, with a volume of 4,787,268 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. BMO Capital Markets upped their price target on Enbridge from C$59.00 to C$60.00 in a research report on Wednesday, December 4th. Royal Bank of Canada upped their target price on shares of Enbridge from C$59.00 to C$63.00 in a report on Wednesday, December 4th. TD Securities set a C$66.00 price target on shares of Enbridge and gave the company a “buy” rating in a report on Wednesday, January 15th. JPMorgan Chase & Co. upped their price objective on shares of Enbridge from C$66.00 to C$69.00 in a research note on Thursday, December 5th. Finally, Morgan Stanley set a C$64.00 target price on shares of Enbridge and gave the company an “equal weight” rating in a research note on Friday, October 25th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$61.69.

Enbridge Price Performance

The company has a debt-to-equity ratio of 131.26, a quick ratio of 0.44 and a current ratio of 0.76. The business has a 50-day simple moving average of C$61.42 and a 200 day simple moving average of C$56.85. The firm has a market cap of C$139.21 billion, a P/E ratio of 24.56, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90.

Enbridge (TSE:ENB) (NYSE:ENB) last released its quarterly earnings results on Friday, November 1st. The company reported C$0.55 earnings per share for the quarter, missing the consensus estimate of C$0.56 by C($0.01). Enbridge had a net margin of 13.54% and a return on equity of 8.57%. During the same quarter in the prior year, the firm posted $0.62 earnings per share. On average, analysts anticipate that Enbridge Inc. will post 3.511912 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Friday, February 14th will be given a dividend of $0.9425 per share. This represents a $3.77 annualized dividend and a dividend yield of 5.90%. This is a positive change from Enbridge’s previous quarterly dividend of $0.92. Enbridge’s dividend payout ratio is presently 140.77%.

Insider Activity

In other news, Senior Officer Cynthia Lynn Hansen sold 1,106 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of C$59.94, for a total transaction of C$66,293.64. Insiders own 0.10% of the company’s stock.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.