Enbridge (ENB) Price Target Lowered to C$53.00 at Scotiabank

Enbridge (TSE:ENB) (NYSE:ENB) had its target price reduced by Scotiabank from C$57.00 to C$53.00 in a report released on Tuesday. Scotiabank currently has an outperform rating on the stock.

Other analysts also recently issued reports about the stock. Canaccord Genuity cut their price objective on shares of Enbridge from C$54.00 to C$52.00 in a research report on Wednesday, February 14th. BMO Capital Markets cut their price objective on shares of Enbridge from C$63.00 to C$61.00 in a research report on Friday, March 16th. CIBC cut their price objective on shares of Enbridge from C$63.00 to C$60.00 in a research report on Friday, March 16th. Mizuho reiterated a neutral rating and issued a C$45.00 price objective on shares of Enbridge in a research report on Thursday, March 29th. Finally, TD Securities cut their price objective on shares of Enbridge from C$61.00 to C$57.00 and set a buy rating on the stock in a research report on Tuesday, February 20th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of C$55.83.

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Shares of TSE:ENB opened at C$37.68 on Tuesday. Enbridge has a fifty-two week low of C$37.53 and a fifty-two week high of C$57.75.

Enbridge (TSE:ENB) (NYSE:ENB) last issued its quarterly earnings data on Friday, February 16th. The company reported C$0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of C$0.53 by C$0.08. The firm had revenue of C$12.89 billion for the quarter, compared to the consensus estimate of C$11.73 billion. Enbridge had a net margin of 11.00% and a return on equity of 6.04%.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Tuesday, May 15th will be paid a dividend of $0.671 per share. This represents a $2.68 annualized dividend and a yield of 7.12%.

In other Enbridge news, insider Bradley Francis Shamla sold 1,009 shares of the firm’s stock in a transaction dated Thursday, March 29th. The shares were sold at an average price of C$40.00, for a total transaction of C$40,360.00. Also, insider Robert Ross Rooney bought 6,100 shares of the stock in a transaction on Thursday, March 15th. The shares were bought at an average cost of C$40.80 per share, for a total transaction of C$248,880.00. In the last three months, insiders have acquired 7,100 shares of company stock worth $290,630.

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Enbridge Company Profile

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.

Analyst Recommendations for Enbridge (TSE:ENB)

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