Enbridge (TSE:ENB) Given New C$59.00 Price Target at Royal Bank of Canada

Enbridge (TSE:ENB) (NYSE:ENB) had its price target increased by investment analysts at Royal Bank of Canada from C$55.00 to C$59.00 in a research note issued to investors on Thursday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective points to a potential upside of 7.53% from the stock’s previous close.

A number of other research analysts have also issued reports on ENB. Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating and increased their target price for the company from C$55.00 to C$58.00 in a research report on Monday. National Bankshares increased their price objective on shares of Enbridge from C$53.00 to C$57.00 and gave the company a “sector perform” rating in a report on Friday, August 23rd. Scotiabank cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 14th. CIBC upped their price target on shares of Enbridge from C$57.00 to C$59.00 in a research report on Monday, July 15th. Finally, JPMorgan Chase & Co. lifted their price objective on Enbridge from C$57.00 to C$60.00 and gave the stock a “buy” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Enbridge presently has an average rating of “Hold” and an average price target of C$55.25.

Enbridge Stock Performance

ENB traded down C$0.55 on Thursday, reaching C$54.87. The stock had a trading volume of 1,442,872 shares, compared to its average volume of 8,018,822. The business’s 50-day moving average price is C$53.85 and its two-hundred day moving average price is C$50.63. The company has a market cap of C$119.62 billion, a P/E ratio of 21.10, a price-to-earnings-growth ratio of 0.75 and a beta of 0.90. Enbridge has a 12-month low of C$42.75 and a 12-month high of C$56.09. The company has a current ratio of 0.76, a quick ratio of 0.44 and a debt-to-equity ratio of 131.26.

Enbridge (TSE:ENB) (NYSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The company reported C$0.58 earnings per share for the quarter, missing the consensus estimate of C$0.62 by C($0.04). The business had revenue of C$11.34 billion during the quarter, compared to analysts’ expectations of C$5.86 billion. Enbridge had a net margin of 13.54% and a return on equity of 8.57%. Sell-side analysts forecast that Enbridge will post 3.0366521 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Steven Walter Williams bought 18,600 shares of Enbridge stock in a transaction on Tuesday, August 13th. The shares were bought at an average cost of C$53.74 per share, with a total value of C$999,564.00. In other Enbridge news, Director Steven Walter Williams bought 18,600 shares of Enbridge stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of C$53.74 per share, for a total transaction of C$999,564.00. Also, Senior Officer Maximilian Chan sold 688 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of C$55.20, for a total value of C$37,977.60. Corporate 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.