Enbridge Inc (ENB) Increases Dividend to $0.56 Per Share

Enbridge Inc (NYSE:ENB) (TSE:ENB) announced a quarterly dividend on Monday, December 10th, Zacks reports. Investors of record on Friday, February 15th will be given a dividend of 0.555 per share by the pipeline company on Friday, March 1st. This represents a $2.22 dividend on an annualized basis and a yield of 6.15%. The ex-dividend date is Thursday, February 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.51.

Enbridge has raised its dividend payment by an average of 12.2% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Enbridge has a payout ratio of 140.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Enbridge to earn $1.72 per share next year, which means the company may not be able to cover its $2.95 annual dividend with an expected future payout ratio of 171.5%.

NYSE ENB traded down $0.95 on Friday, hitting $36.10. 4,584,816 shares of the company’s stock traded hands, compared to its average volume of 3,080,832. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 0.98. Enbridge has a 1-year low of $28.82 and a 1-year high of $37.69. The stock has a market cap of $74.92 billion, a price-to-earnings ratio of 23.44, a PEG ratio of 2.26 and a beta of 0.69.

In related news, insider Byron C. Neiles sold 64,000 shares of the business’s stock in a transaction on Friday, December 14th. The shares were sold at an average price of $43.10, for a total value of $2,758,400.00. Following the completion of the sale, the insider now owns 128,665 shares of the company’s stock, valued at approximately $5,545,461.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Albert Monaco purchased 7,569 shares of the business’s stock in a transaction that occurred on Tuesday, December 4th. The stock was bought at an average cost of $43.82 per share, with a total value of $331,673.58. Following the acquisition, the insider now owns 67,329 shares in the company, valued at approximately $2,950,356.78. The disclosure for this purchase can be found here. 0.48% of the stock is owned by insiders.

ENB has been the subject of several research reports. Zacks Investment Research upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday. ValuEngine raised shares of Enbridge from a “hold” rating to a “buy” rating in a report on Monday, February 4th. CIBC reaffirmed a “buy” rating and set a $57.00 target price on shares of Enbridge in a report on Tuesday, January 15th. UBS Group lowered shares of Enbridge from a “buy” rating to a “neutral” rating in a report on Friday. Finally, Evercore ISI began coverage on shares of Enbridge in a report on Tuesday. They set an “outperform” rating for the company. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $48.80.

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Enbridge Company Profile

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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Dividend History for Enbridge (NYSE:ENB)

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