Enbridge (TSE:ENB) Stock Crosses Above 200-Day Moving Average - Here's Why

Enbridge Inc. (TSE:ENB) shares recently crossed above their 200-day moving average, indicating a potentially bullish trend. The stock's 200-day moving average is C$58.64, and during trading on Thursday, it reached a high of C$60.64 before settling at C$60.27. The trading volume for Enbridge shares was reported at 6,044,105 on that day.

Wall Street Analysts Forecast Growth

Recent analysis from various equity research firms suggests that Enbridge could be a promising investment at this time. Specifically, TD Securities raised its target price for Enbridge shares from C$66.00 to C$67.00 while maintaining a "buy" rating. Similarly, Wells Fargo and Co. increased their target up to C$60.00, while Jefferies Financial Group set a target of C$65.00, up from C$59.00. Scotiabank lifted its target from C$61.00 to C$65.00 and noted a "sector perform" rating. Additionally, JPMorgan Chase & Co. adjusted their target price from C$66.00 to C$69.00. Overall, seven analysts have given Enbridge a hold rating, and four have labeled it a buy, resulting in an average price target of C$63.23.

Enbridge Stock Performance

In terms of stock performance, Enbridge has a fifty-day moving average price of C$62.26, illustrating some volatility recently. Other financial metrics indicate a debt-to-equity ratio of 144.86, along with a quick ratio of 0.44 and a current ratio of 0.62. The market capitalization of Enbridge stands at approximately C$132.87 billion, with a price-to-earnings (P/E) ratio of 19.93 and a P/E/G ratio of 1.72. The stock displays a beta of 0.90, suggesting it is less volatile compared to the overall market.

Enbridge Increases Dividend

Enbridge has also recently declared a quarterly dividend of $0.9425 per share, which will be paid on Saturday, March 1st. For investors holding shares as of the record date on the same day, this represents an annualized dividend of $3.77, equating to a yield of 6.15%. This dividend increase from $0.92 previously is seen as a positive sign. However, it should be noted that the company's dividend payout ratio is currently at 118.98%.

Insider Buying and Selling

In related news, insider trading was observed when Senior Officer Cynthia Lynn Hansen sold 1,106 shares of Enbridge stock for an average price of C$59.94 on December 23. This transaction amounted to a total of C$66,293.64. Currently, corporate insiders control about 0.10% of the stock.

Enbridge Company Profile

Enbridge Inc., alongside its subsidiaries, operates as a key player in the energy infrastructure segment. The company is structured into five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment focuses on transporting various grades of crude oil and liquid hydrocarbons throughout Canada and the United States.

Should You Invest $1,000 in Enbridge Right Now?

Before considering an investment in Enbridge, it is essential to evaluate current recommendations from analysts. While Enbridge maintains a Hold rating, several top-rated analysts believe that there are alternative investment options that may yield better returns.

Enbridge, Stock, Analysis