Enbridge (NYSE:ENB) Sets New 12-Month High - Here's What Happened

Enbridge Inc. (NYSE:ENB - Get Free Report) TSE: ENB shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $44.74 and last traded at $44.67, with a volume of 213632 shares traded. The stock had previously closed at $44.07.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ENB. Wells Fargo & Company upgraded shares of Enbridge from an "underweight" rating to an "equal weight" rating in a research note on Wednesday, November 6th. Jefferies Financial Group downgraded shares of Enbridge from a "buy" rating to a "hold" rating in a research report on Monday, September 30th. TD Securities initiated coverage on Enbridge in a research report on Wednesday. They issued a "buy" rating on the stock. Morgan Stanley started coverage on Enbridge in a report on Friday, October 25th. They issued an "equal weight" rating for the company. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $63.00.

Enbridge Trading Up 0.7 %

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 stock has a market capitalization of $96.63 billion, a PE ratio of 20.54, a P/E/G ratio of 4.14 and a beta of 0.93. The stock has a 50 day moving average price of $42.62 and a 200-day moving average price of $40.42.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced 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 return on equity of 9.94% and a net margin of 13.54%. The business had revenue of $10.91 billion for the quarter, compared to analysts' expectations of $4.54 billion. During the same period last year, the firm posted $0.46 earnings per share. Sell-side analysts expect that Enbridge Inc. will post 2.03 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a yield of 6.04%. Enbridge's dividend payout ratio is currently 124.07%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ENB. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Enbridge by 1,514.7% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,799,345 shares of the pipeline company's stock valued at $194,938,000 after purchasing an additional 4,502,115 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in shares of Enbridge by 4,120.0% in the third quarter. Pathway Financial Advisers LLC now owns 4,571,669 shares of the pipeline company's stock worth $185,655,000 after buying an additional 4,463,335 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Enbridge by 27.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company's stock valued at $498,734,000 after buying an additional 2,668,692 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company's stock valued at $737,754,000 after acquiring an additional 2,061,758 shares during the period. Finally, Kayne Anderson Capital Advisors LP increased its holdings in Enbridge by 55.2% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company's stock worth $168,258,000 after acquiring an additional 1,472,789 shares in the last quarter. Hedge funds and other 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.