Enbridge (ENB) Trading -1.5% Higher Following Dividend Announcement

Enbridge Inc. (TSE:ENB) (NYSE:ENB)’s share price traded up 1.5% on Thursday after the company announced a dividend. The company traded as high as C$46.54 and last traded at C$45.75. 3,036,025 shares changed hands during trading, an increase of 2% from the average session volume of 2,967,688 shares. The stock had previously closed at C$46.46.

The newly announced dividend which will be paid on Thursday, March 1st. Shareholders of record on Wednesday, November 29th will be given a dividend of $0.671 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $2.68 annualized dividend and a yield of 5.52%. Enbridge’s dividend payout ratio (DPR) is presently 119.03%.

Several research analysts have weighed in on the company. TD Securities increased their price objective on Enbridge from C$62.00 to C$64.00 and gave the stock a “buy” rating in a research report on Tuesday, August 8th. CIBC lowered their price objective on Enbridge from C$71.00 to C$69.00 in a research report on Tuesday, October 17th. National Bank Financial lowered their price objective on Enbridge from C$67.00 to C$63.00 and set an “outperform” rating on the stock in a research report on Friday, November 3rd. Royal Bank Of Canada decreased their price target on Enbridge from C$64.00 to C$63.00 and set an “outperform” rating on the stock in a research report on Friday, November 3rd. Finally, Scotiabank decreased their price target on Enbridge from C$62.00 to C$61.00 and set an “outperform” rating on the stock in a research report on Friday, November 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of C$61.03.

In related news, Director Albert Monaco purchased 9,356 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were bought at an average price of C$50.02 per share, for a total transaction of C$467,987.12. Also, insider Laszlo Varsanyi sold 2,700 shares of Enbridge stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of C$23.85, for a total value of C$64,395.00. In the last 90 days, insiders purchased 10,156 shares of company stock worth $499,357 and sold 103,999 shares worth $4,958,443.

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About Enbridge

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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