CIBC Trims Enbridge (ENB) Target Price to C$63.00

Enbridge (TSE:ENB) (NYSE:ENB) had its price target lowered by CIBC from C$67.00 to C$63.00 in a report released on Friday.

A number of other analysts have also weighed in on the stock. Scotiabank reduced their price objective on shares of Enbridge from C$61.00 to C$60.00 and set an outperform rating on the stock in a research report on Thursday, November 30th. National Bank Financial dropped their target price on shares of Enbridge from C$63.00 to C$60.00 and set an outperform rating on the stock in a research note on Thursday, November 30th. Canaccord Genuity dropped their target price on shares of Enbridge from C$59.00 to C$54.00 in a research note on Thursday, November 30th. BMO Capital Markets dropped their target price on shares of Enbridge from C$70.00 to C$66.00 and set an outperform rating on the stock in a research note on Thursday, November 30th. Finally, Royal Bank Of Canada dropped their target price on shares of Enbridge from C$64.00 to C$63.00 and set an outperform rating on the stock in a research note on Friday, November 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Enbridge presently has an average rating of Buy and a consensus price target of C$61.03.

Shares of Enbridge (TSE ENB) opened at C$48.68 on Friday. Enbridge has a 1 year low of C$43.91 and a 1 year high of C$58.28.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Wednesday, November 29th will be paid a $0.671 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.61. This represents a $2.68 dividend on an annualized basis and a yield of 5.51%. The ex-dividend date is Wednesday, February 14th. Enbridge’s dividend payout ratio is currently 119.03%.

In other news, insider Vernon Dai-Chung Yu sold 13,179 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of C$52.07, for a total transaction of C$686,230.53. Also, insider Laszlo Varsanyi sold 2,700 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of C$23.85, for a total transaction of C$64,395.00. Over the last 90 days, insiders acquired 10,156 shares of company stock worth $499,357 and sold 103,999 shares worth $4,958,443.

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Enbridge Company Profile

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

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