CIBC Forecasts Strong Price Appreciation for Enbridge (TSE:ENB) Stock

Enbridge (TSE:ENB) (NYSE:ENB) had its price objective increased by CIBC from C$59.00 to C$67.00 in a research report issued to clients and investors on Monday, BayStreet.CA reports. CIBC’s target price suggests a potential upside of 18.69% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on ENB. Raymond James raised their price objective on shares of Enbridge from C$54.00 to C$59.00 in a research report on Tuesday, October 22nd. Morgan Stanley set a C$64.00 price objective on Enbridge and gave the stock an “equal weight” rating in a research report on Friday, October 25th. Royal Bank of Canada boosted their price objective on shares of Enbridge from C$55.00 to C$59.00 and gave the stock an “outperform” rating in a research report on Thursday, October 3rd. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating and boosted their price objective for the stock from C$55.00 to C$58.00 in a research report on Monday, September 30th. Finally, National Bankshares boosted their price objective on shares of Enbridge from C$53.00 to C$57.00 and gave the stock a “sector perform” rating in a research report on Friday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of C$56.92.

Enbridge Price Performance

Shares of TSE ENB traded up C$0.03 during mid-day trading on Monday, reaching C$56.45. The company’s stock had a trading volume of 1,347,442 shares, compared to its average volume of 7,950,890. The stock has a 50-day moving average of C$55.48 and a two-hundred day moving average of C$51.85. The stock has a market capitalization of C$123.06 billion, a P/E ratio of 21.71, a P/E/G ratio of 1.72 and a beta of 0.90. The company has a debt-to-equity ratio of 131.26, a quick ratio of 0.44 and a current ratio of 0.76. Enbridge has a 1-year low of C$45.05 and a 1-year high of C$58.28.

Enbridge (TSE:ENB) (NYSE:ENB) last issued its earnings results on Friday, August 2nd. The company reported C$0.58 EPS for the quarter, missing analysts’ consensus estimates of C$0.62 by C($0.04). The business had revenue of C$11.34 billion during the quarter, compared to analyst estimates of C$5.86 billion. Enbridge had a net margin of 13.54% and a return on equity of 8.57%. On average, equities research analysts anticipate that Enbridge will post 3.511912 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Senior Officer Maximilian Chan sold 688 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of C$55.20, for a total transaction of C$37,977.60. In related news, Senior Officer Maximilian Chan sold 688 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of C$55.20, for a total value of C$37,977.60. Also, Director Steven Walter Williams acquired 18,600 shares of Enbridge stock in a transaction that occurred on Tuesday, August 13th. The stock was bought at an average cost of C$53.74 per share, with a total value of C$999,564.00. 0.10% of the stock is currently owned by corporate insiders.

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.