Enbridge Inc [ENB] is -4.00% lower this YTD. Is it still time to buy?

Enbridge Inc [NYSE: ENB] loss -2.04% on the last trading session, reaching $34.58 price per share at the time. The company report on January 31, 2024 at 4:15 PM that Enbridge Provides Notice of Series P Preferred Shares Conversion Right and Announces Reset Dividend Rates.

Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series P (Series P Shares) (TSX: ENB.PR.P) on March 1, 2024. As a result, subject to certain conditions, the holders of the Series P Shares have the right to convert all or part of their Series P Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series Q of Enbridge (Series Q Shares) on March 1, 2024. Holders who do not exercise their right to convert their Series P Shares into Series Q Shares will retain their Series P Shares.

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The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series P Shares outstanding after March 1, 2024, then all remaining Series P Shares will automatically be converted into Series Q Shares on a one-for-one basis on March 1, 2024; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series Q Shares outstanding after March 1, 2024, no Series P Shares will be converted into Series Q Shares. There are currently 16,000,000 Series P Shares outstanding.

If compared to the average trading volume of 5.39M shares, ENB reached a trading volume of 6259620 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $39.43 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 2.27. 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.

Stifel have made an estimate for Enbridge Inc shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 18, 2024.

The Average True Range (ATR) for Enbridge Inc is set at 0.52, with the Price to Sales ratio for ENB stock in the period of the last 12 months amounting to 2.21. The Price to Book ratio for the last quarter was 1.71, with the Price to Cash per share for the same quarter was set at 0.92. Price to Free Cash Flow for ENB in the course of the last twelve months was 9.61 with Quick ratio for the last quarter at 0.57.

Trading performance analysis for ENB stock

Enbridge Inc [ENB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.81. With this latest performance, ENB shares dropped by -5.26% in over the last four-week period, additionally sinking by -3.78% over the last 6 months – not to mention a drop of -14.81% 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 35.02, with the RSI for the last a single of trading hit 28.11, and the three-weeks RSI is set at 40.50 for Enbridge Inc [ENB]. The present Moving Average for the last 50 days of trading for this stock 35.63, while it was recorded at 35.44 for the last single week of trading, and 35.58 for the last 200 days.

Enbridge Inc [ENB]: A deeper dive into fundamental analysis

Enbridge Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.57 and a Current Ratio set at 0.67.

Enbridge Inc [ENB]: An earnings per share (EPS) analysis

With the latest financial reports released by the company, Enbridge Inc posted 0.47/share EPS, while the average EPS was predicted by analysts to be reported at 0.54/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -13.00%. 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 0.50%.

An analysis of Institutional ownership at Enbridge Inc [ENB]

The top three institutional holders of ENB stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ENB stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ENB stock with ownership which is approximately 5.8325%.