Enbridge (NYSE:ENB) Price Target Raised to $67.00 at Royal Bank of Canada

Enbridge (NYSE:ENB) (TSE:ENB) had its price objective raised by analysts at Royal Bank of Canada from $63.00 to $67.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the pipeline company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 56.90% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. TD Securities assumed coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley assumed coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $67.00.

Enbridge Price Performance

ENB traded down $0.37 during midday trading on Tuesday, hitting $42.70. The company had a trading volume of 8,188,356 shares, compared to its average volume of 4,151,678. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The company has a market capitalization of $93.02 billion, a PE ratio of 19.77, a P/E/G ratio of 4.08 and a beta of 0.94. Enbridge has a twelve month low of $32.85 and a twelve month high of $45.78. The firm’s 50-day simple moving average is $43.35 and its 200-day simple moving average is $41.80.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.23. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $11.59 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Equities research analysts predict that Enbridge will post 1.97 EPS for the current fiscal year.

Hedge Funds Weigh In On Enbridge

A number of institutional investors have recently added to or reduced their stakes in ENB. Creative Planning increased its holdings in Enbridge by 5.9% during the third quarter. Creative Planning now owns 241,572 shares of the pipeline company’s stock worth $9,810,000 after buying an additional 13,455 shares during the last quarter. Stratos Wealth Advisors LLC acquired a new position in shares of Enbridge in the third quarter valued at $204,000. Blue Trust Inc. increased its holdings in shares of Enbridge by 39.9% in the third quarter. Blue Trust Inc. now owns 13,736 shares of the pipeline company’s stock valued at $558,000 after purchasing an additional 3,917 shares during the last quarter. Cyndeo Wealth Partners LLC acquired a new position in shares of Enbridge in the third quarter valued at $302,000. Finally, Bayshore Asset Management LLC acquired a new position in shares of Enbridge in the third quarter valued at $217,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

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.