The stock of Enbridge Income Fund Holdings Inc (TSE:ENF) gapped up by $0.02 today and has $47.43 target or 42.00% above today’s $33.40 share price. The 9 months technical chart setup indicates low risk for the $4.18B company. The gap was reported on Nov, 17 by Barchart.com. If the $47.43 price target is reached, the company will be worth $1.76B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 102,840 shares traded hands. Enbridge Income Fund Holdings Inc (TSE:ENF) has risen 14.35% since April 13, 2016 and is uptrending. It has outperformed by 9.73% the S&P500.
Enbridge Income Fund Holdings Inc (TSE:ENF) Ratings Coverage
Out of 9 analysts covering Enbridge Income Fund (TSE:ENF), 6 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 67% are positive. $42 is the highest target while $34 is the lowest. The $36.19 average target is 8.35% above today’s ($33.4) stock price. Enbridge Income Fund has been the topic of 15 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by TD Securities given on Friday, November 4. The rating was downgraded by Credit Suisse on Thursday, February 4 to “Neutral”. Scotia Capital maintained the shares of ENF in a report on Friday, November 4 with “Outperform” rating. The rating was reinitiated by National Bank Canada with “Outperform” on Monday, November 9. The firm has “Neutral” rating given on Tuesday, December 15 by JP Morgan. BMO Capital Markets initiated Enbridge Income Fund Holdings Inc (TSE:ENF) on Thursday, December 3 with “Outperform” rating.
More notable recent Enbridge Income Fund Holdings Inc (TSE:ENF) news were published by: Fool.ca which released: “Should You Buy Enbridge Income Fund Holdings Inc. Instead of Enbridge Inc.?” on June 30, 2015, also Marketwired.com with their article: “Enbridge Income Fund Holdings Inc. Reports Second Quarter 2016 Results …” published on July 29, 2016, Marketwired.com published: “Enbridge Inc. and Enbridge Income Fund Holdings Inc. to Webcast 2016 Third …” on October 13, 2016. More interesting news about Enbridge Income Fund Holdings Inc (TSE:ENF) were released by: Marketwired.com and their article: “Enbridge Income Fund Holdings Inc. Reports Strong 2015 Results” published on February 19, 2016 as well as Marketwired.com‘s news article titled: “Enbridge Income Fund Holdings Inc. Announces $700 Million Common Share Offering” with publication date: October 13, 2015.
Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund, holds energy infrastructure assets. The company has a market cap of $4.18 billion. The Company’s business is limited to ownership of its interest in Enbridge Income Fund . It has a 16.22 P/E ratio. The Fund’s objective is to pay out a high proportion of available cash in the form of dividends to shareholders.
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