BMO Capital Markets Trims Enbridge (ENB) Target Price to $59.00

Enbridge (NYSE:ENB) (TSE:ENB) had its price target cut by investment analysts at BMO Capital Markets from $61.00 to $59.00 in a research report issued on Thursday. The firm currently has an “outperform” rating on the pipeline company’s stock. BMO Capital Markets’ target price indicates a potential upside of 80.82% from the company’s previous close.

Several other research firms have also recently issued reports on ENB. Morgan Stanley reduced their price objective on shares of Enbridge from $38.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Friday, March 23rd. Mizuho began coverage on shares of Enbridge in a research report on Thursday, March 29th. They set a “neutral” rating on the stock. Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Thursday, March 29th. ValuEngine cut shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Monday, April 2nd. Finally, CIBC cut shares of Enbridge to a “buy” rating and set a $57.00 price objective on the stock. in a research report on Tuesday, May 22nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $51.00.

Enbridge traded up $0.22, reaching $32.63, on Thursday, according to MarketBeat Ratings. 167,454 shares of the stock were exchanged, compared to its average volume of 3,568,781. Enbridge has a one year low of $29.00 and a one year high of $42.31. The stock has a market cap of $54.99 billion, a price-to-earnings ratio of 21.19, a PEG ratio of 1.84 and a beta of 0.67. The company has a current ratio of 0.62, a quick ratio of 0.55 and a debt-to-equity ratio of 1.02.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Thursday, May 10th. The pipeline company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.34. Enbridge had a net margin of 5.61% and a return on equity of 7.35%. The company had revenue of $12.73 billion for the quarter, compared to analysts’ expectations of $10.29 billion. During the same quarter last year, the business earned $0.57 EPS. sell-side analysts forecast that Enbridge will post 1.94 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. Taylor Hoffman Wealth Management bought a new stake in shares of Enbridge during the fourth quarter valued at approximately $140,000. Private Capital Group LLC increased its position in Enbridge by 2,241.9% in the first quarter. Private Capital Group LLC now owns 3,630 shares of the pipeline company’s stock worth $114,000 after purchasing an additional 3,475 shares during the last quarter. Icon Wealth Partners LLC bought a new stake in Enbridge in the fourth quarter worth $163,000. Wagner Wealth Management LLC bought a new stake in Enbridge in the fourth quarter worth $179,000. Finally, Bedel Financial Consulting Inc. bought a new stake in Enbridge in the first quarter worth $145,000. Hedge funds and other institutional investors own 60.38% of the company’s stock.

About Enbridge

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 (NYSE:ENB)

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