Why Has JP Morgan Given Enbridge Inc (TSE:ENB) a $65.00 Price Target
In a comprehensive report announced today, JP Morgan analysts launched Enbridge Inc (TSE:ENB) coverage with “Overweight” rating, and a $65.00 target.
From a total of 12 analysts covering Enbridge Inc. (TSE:ENB) stock, 11 rate it a ”Buy”, 1 a “Sell”, and 4 a ”Hold”. This means that 69% of the ratings are positive. The highest target price is $51.06 while the lowest target price is $37.93. The mean of all analyst targets is $46.81 with a 52.21% above today’s ($42.44) stock price. Enbridge Inc. was the topic of 6 analyst reports since September 11, 2015 according to the firm StockzIntelligence Inc.
Approximately 2.00M shares of stock traded hands or 29.87% up from the average. Enbridge Inc (TSE:ENB) has declined 33.81% since May 12, 2015 and is downtrending. It has underperformed by 30.13% the S&P500.
Enbridge Inc. is an energy transportation and distribution company. The company has a market cap of $36.65 billion. The Firm operates in five divisions: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. It currently has negative earnings. Liquids Pipelines segment owns and operates crude oil and other liquid hydrocarbons pipelines and terminals.
According to Zacks Investment Research, “Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, Enbridge operates, in Canada and the United States, the world’s longest crude oil and liquids pipeline system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada’s largest natural gas distribution company, and provides distribution services in Ontario, Quebec, New Brunswick and New York State.”