Enbridge (NYSE:ENB) Trading Up 0.8% Following Dividend Announcement

Enbridge Inc. (NYSE:ENB) (TSE:ENB) shares shot up 0.8% during mid-day trading on Thursday following a dividend announcement from the company. The stock traded as high as $44.07 and last traded at $43.98. 556,770 shares traded hands during trading, a decline of 89% from the average session volume of 4,850,427 shares. The stock had previously closed at $43.64.

The newly announced dividend which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.10%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is currently 121.76%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Enbridge in a research note on Wednesday. Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley initiated coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $63.00.

Enbridge Stock Performance

The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company’s 50 day moving average is $41.84 and its 200-day moving average is $39.05. The company has a market capitalization of $95.64 billion, a P/E ratio of 20.33, a price-to-earnings-growth ratio of 4.27 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the firm posted $0.46 earnings per share. Equities analysts anticipate that Enbridge Inc. will post 2.04 EPS for the current fiscal year.

Institutional Trading of Enbridge

Large investors have recently modified their holdings of the company. McIlrath & Eck LLC increased its position in shares of Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 295 shares during the last quarter. Grove Bank & Trust raised its position in Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 279 shares during the period. MFA Wealth Advisors LLC boosted its stake in shares of Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 280 shares during the last quarter. TruNorth Capital Management LLC bought a new stake in shares of Enbridge during the 2nd quarter valued at $28,000. Finally, William B. Walkup & Associates Inc. bought a new position in Enbridge in the 2nd quarter worth $28,000. Institutional investors own 54.60% 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.