Enbridge (TSE:ENB) Trading Down 6.3% Following Analyst Downgrade

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s share price fell 6.3% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from C$60.00 to C$58.00. JPMorgan Chase & Co. currently has a buy rating on the stock. Enbridge traded as low as C$44.86 and last traded at C$45.13. 4,743,238 shares were traded during trading, a decline of 38% from the average session volume of 7,668,955 shares. The stock had previously closed at C$48.16.

ENB has been the topic of several other research reports. Credit Suisse Group cut their target price on Enbridge from C$54.00 to C$52.00 in a research note on Tuesday, August 15th. CSFB cut their target price on Enbridge from C$54.00 to C$52.00 in a research note on Tuesday, August 15th. Scotiabank cut their target price on Enbridge from C$56.00 to C$54.00 in a research note on Tuesday, August 8th. Wells Fargo & Company lowered Enbridge from an “overweight” rating to an “equal weight” rating and cut their target price for the company from C$58.00 to C$50.00 in a research note on Wednesday. Finally, TD Securities lowered their price target on Enbridge from C$62.00 to C$58.00 and set a “buy” rating for the company in a report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Enbridge has a consensus rating of “Hold” and an average target price of C$56.20.

Enbridge Price Performance

The company has a market capitalization of C$91.85 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of 1.16 and a beta of 0.90. The stock has a fifty day simple moving average of C$48.08 and a 200-day simple moving average of C$50.17. The company has a debt-to-equity ratio of 124.11, a current ratio of 0.64 and a quick ratio of 0.44.

Enbridge (TSE:ENB) (NYSE:ENB) last announced its quarterly earnings results on Friday, August 4th. The company reported C$0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.67 by C$0.01. The company had revenue of C$10.43 billion during the quarter, compared to the consensus estimate of C$10.08 billion. Enbridge had a return on equity of 6.44% and a net margin of 8.70%. On average, equities research analysts anticipate that Enbridge Inc. will post 2.9373385 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a $0.8875 dividend. This represents a $3.55 annualized dividend and a dividend yield of 7.81%. The ex-dividend date was Monday, August 14th. Enbridge’s dividend payout ratio (DPR) is presently 188.83%.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.