Enbridge (NYSE:ENB) Sets New 52-Week High - Here's Why

Enbridge Inc. (NYSE:ENB - Get Free Report) TSE: ENB's share price hit a new 52-week high during trading on Friday . The company traded as high as $46.42 and last traded at $46.37, with a volume of 5078303 shares. The stock had previously closed at $45.61.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup assumed coverage on shares of Enbridge in a report on Friday, April 4th. They issued a "buy" rating on the stock. Royal Bank of Canada lifted their price target on shares of Enbridge from $63.00 to $67.00 and gave the stock an "outperform" rating in a report on Tuesday, February 18th. CIBC reiterated an "outperform" rating on shares of Enbridge in a report on Wednesday, March 5th. Finally, TD Securities assumed coverage on Enbridge in a research report on Wednesday, January 15th. They set a "buy" rating on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Stock Up 1.7 %

The firm has a market capitalization of $101.05 billion, a price-to-earnings ratio of 26.96, a P/E/G ratio of 3.92 and a beta of 0.80. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The company's 50 day moving average price is $43.27 and its 200 day moving average price is $42.91.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analysts' expectations of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same quarter in the previous year, the firm posted $0.64 EPS. As a group, research analysts forecast that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enbridge

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Enbridge by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company's stock worth $3,888,507,000 after purchasing an additional 3,611,421 shares during the last quarter. GQG Partners LLC lifted its holdings in shares of Enbridge by 2.1% in the 4th quarter. GQG Partners LLC now owns 74,290,740 shares of the pipeline company's stock valued at $3,151,500,000 after buying an additional 1,495,742 shares during the period. TD Asset Management Inc. boosted its stake in shares of Enbridge by 2.8% in the fourth quarter. TD Asset Management Inc. now owns 38,752,759 shares of the pipeline company's stock worth $1,643,935,000 after buying an additional 1,040,799 shares during the last quarter. Deutsche Bank AG raised its position in Enbridge by 13.9% during the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock valued at $1,541,745,000 after acquiring an additional 4,426,684 shares in the last quarter. Finally, Norges Bank acquired a new position in Enbridge in the fourth quarter valued at approximately $909,415,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

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.

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