Enbridge (ENB) Sets New 12-Month Low at $38.02

Shares of Enbridge (TSE:ENB) (NYSE:ENB) reached a new 52-week low on Wednesday . The company traded as low as C$38.02 and last traded at C$39.50, with a volume of 2060219 shares traded. The stock had previously closed at C$38.81.

A number of analysts have recently weighed in on the company. Mizuho reaffirmed a “neutral” rating and set a C$45.00 price objective on shares of Enbridge in a research report on Thursday, March 29th. Wells Fargo cut their price objective on Enbridge from C$52.00 to C$50.00 in a research report on Thursday, March 22nd. Scotiabank cut their price objective on Enbridge from C$59.00 to C$57.00 and set an “outperform” rating on the stock in a research report on Friday, March 16th. BMO Capital Markets cut their price objective on Enbridge from C$63.00 to C$61.00 in a research report on Friday, March 16th. Finally, CIBC cut their price objective on Enbridge from C$63.00 to C$60.00 in a research report on Friday, March 16th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of C$56.23.

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Enbridge (TSE:ENB) (NYSE:ENB) last posted its earnings results on Friday, February 16th. The company reported C$0.61 EPS for the quarter, beating the consensus estimate of C$0.53 by C$0.08. The firm had revenue of C$12.89 billion for the quarter, compared to analyst estimates of C$11.73 billion. Enbridge had a return on equity of 6.04% and a net margin of 11.00%.

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

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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.

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