Enbridge (TSE:ENB) Reaches New 1-Year High After Dividend Announcement

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s stock price hit a new 52-week high during mid-day trading on Tuesday after the company announced a dividend. The stock traded as high as C$61.65 and last traded at C$61.55, with a volume of 1286660 shares. The stock had previously closed at C$60.95.

The newly announced dividend which will be paid on Saturday, March 1st. Investors of record on Friday, February 14th will be issued a $0.9425 dividend. This represents a $3.77 dividend on an annualized basis and a yield of 6.16%. This is an increase from Enbridge’s previous quarterly dividend of $0.92. Enbridge’s dividend payout ratio is currently 140.77%.

Wall Street Analysts Forecast Growth

ENB has been the topic of several analyst reports. Morgan Stanley set a C$64.00 price target on Enbridge and gave the company an “equal weight” rating in a report on Friday, October 25th. BMO Capital Markets boosted their target price on shares of Enbridge from C$54.00 to C$56.00 in a research report on Thursday, September 5th. JPMorgan Chase & Co. lifted their price target on shares of Enbridge from C$60.00 to C$66.00 in a research note on Thursday, November 21st. National Bankshares boosted their target price on shares of Enbridge from C$53.00 to C$57.00 and gave the company a “sector perform” rating in a research note on Friday, August 23rd. Finally, CIBC lifted their price target on Enbridge from C$59.00 to C$67.00 in a report on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and an average price target of C$58.31.

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 company has a 50-day moving average of C$57.63 and a 200-day moving average of C$53.35. The firm has a market capitalization of C$133.37 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 1.72 and a beta of 0.90.

Insiders Place Their Bets

In other Enbridge news, Senior Officer Maximilian Chan sold 688 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of C$55.20, for a total transaction of C$37,977.60. Insiders own 0.10% of the company’s stock.

Enbridge Company Profile

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.