Scotiabank slashes price target on Enbridge Inc. [ENB] – find out why.


Enbridge Inc. [NYSE: ENB] traded at a low on 05/10/22, posting a -1.01 loss after which it closed the day’ session at $42.94. The company report on May 6, 2022 that Enbridge Reports First Quarter 2022 Financial Results and Advances New Organic Growth Opportunities.

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Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported first quarter 2022 financial results, reaffirmed its 2022 financial outlook and announced the advancement of further organic growth opportunities.

Highlights(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.).

The results of the trading session contributed to over 5759448 shares changing hands. Over the past one week, the price volatility of Enbridge Inc. stands at 3.49% while the volatility over the past one month is 2.18%.

The market cap for ENB stock reached $86.09 billion, with 2.03 billion shares outstanding and 2.02 billion shares in the current float. Compared to the average trading volume of 4.55M shares, ENB reached a trading volume of 5759448 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Enbridge Inc. [ENB]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ENB shares is $43.76 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ENB stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Scotiabank have made an estimate for Enbridge Inc. shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on February 14, 2022. The new note on the price target was released on January 07, 2022, representing the official price target for Enbridge Inc. stock.

The Average True Range (ATR) for Enbridge Inc. is set at 1.07, with the Price to Sales ratio for ENB stock in the period of the last 12 months amounting to 2.34. The Price to Book ratio for the last quarter was 2.04, with the Price to Cash per share for the same quarter was set at 0.16.

How has ENB stock performed recently?

Enbridge Inc. [ENB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.10. With this latest performance, ENB shares dropped by -8.07% in over the last four-week period, additionally plugging by 1.44% over the last 6 months – not to mention a rise of 7.73% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ENB stock in for the last two-week period is set at 39.03, with the RSI for the last a single of trading hit 36.39, and the three-weeks RSI is set at 41.83 for Enbridge Inc. [ENB]. The present Moving Average for the last 50 days of trading for this stock 45.09, while it was recorded at 44.30 for the last single week of trading, and 41.49 for the last 200 days.

Enbridge Inc. [ENB]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Enbridge Inc. [ENB] shares currently have an operating margin of +15.87 and a Gross Margin at +30.22. Enbridge Inc.’s Net Margin is presently recorded at +13.22.

Return on Equity for this stock inclined to 10.13, with Return on Assets sitting at 3.76.

Enbridge Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.60 and a Current Ratio set at 0.70.

Earnings analysis for Enbridge Inc. [ENB]

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ENB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Enbridge Inc. go to 10.00%.

Insider trade positions for Enbridge Inc. [ENB]

There are presently around $41,880 million, or 70.50% of ENB stock, in the hands of institutional investors. The top three institutional holders of ENB stocks are: ROYAL BANK OF CANADA with ownership of 163,065,859, which is approximately 0.738% of the company’s market cap and around 9.20% of the total institutional ownership; BANK OF MONTREAL /CAN/, holding 77,029,978 shares of the stock with an approximate value of $3.34 billion in ENB stocks shares; and VANGUARD GROUP INC, currently with $2.89 billion in ENB stock with ownership of nearly 2.512% of the company’s market capitalization.

Positions in Enbridge Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 622 institutional holders increased their position in Enbridge Inc. [NYSE:ENB] by around 67,814,323 shares. Additionally, 436 investors decreased positions by around 121,591,771 shares, while 216 investors held positions by with 776,017,199 shares. The mentioned changes placed institutional holdings at 965,423,293 shares, according to the latest SEC report filing. ENB stock had 142 new institutional investments in for a total of 20,268,726 shares, while 87 institutional investors sold positions of 5,234,409 shares during the same period.