The stock of Enbridge Inc (TSE:ENB) gapped down by $0.01 today and has $51.61 target or 8.00% below today’s $56.10 share price. The 9 months technical chart setup indicates high risk for the $52.61 billion company. The gap down was reported on Nov, 29 by Barchart.com. If the $51.61 price target is reached, the company will be worth $4.21 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 631,187 shares traded hands. Enbridge Inc (TSE:ENB) has risen 8.24% since April 25, 2016 and is uptrending. It has outperformed by 2.98% the S&P500.
Enbridge Inc (TSE:ENB) Ratings Coverage
Out of 10 analysts covering Enbridge Inc. (TSE:ENB), 9 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 90% are positive. $71 is the highest target while $50 is the lowest. The $57.60 average target is 2.67% above today’s ($56.1) stock price. Enbridge Inc. has been the topic of 26 analyst reports since September 11, 2015 according to StockzIntelligence Inc. Scotia Capital maintained it with “Outperform” rating and $61 target price in Friday, November 4 report. The rating was initiated by JP Morgan on Tuesday, December 15 with “Overweight”. The stock of Enbridge Inc (TSE:ENB) has “Sector Perform” rating given on Friday, November 6 by National Bank Canada. The firm has “Outperform” rating by RBC Capital Markets given on Thursday, January 21. The company was upgraded on Friday, September 9 by Goldman Sachs. National Bank Canada upgraded the shares of ENB in a report on Wednesday, September 7 to “Outperform” rating. The rating was maintained by TD Securities on Friday, November 4 with “Buy”. The company was initiated on Thursday, September 1 by Bank of America. As per Wednesday, July 20, the company rating was downgraded by Goldman Sachs. The stock of Enbridge Inc (TSE:ENB) earned “Outperform” rating by RBC Capital Markets on Tuesday, June 28.
More important recent Enbridge Inc (TSE:ENB) news were published by: Wsj.com which released: “Canadian Pipeline Operator Enbridge Posts Smaller Loss” on November 03, 2016, also Business.Financialpost.com published article titled: “Enbridge’s Line 3 faces resistance in U.S. as Ottawa set to rule on pipeline”, Forbes.com published: “Ex-Div Reminder for Enbridge (ENB)” on November 08, 2016. More interesting news about Enbridge Inc (TSE:ENB) was released by: Fool.ca and their article: “Dividend Investors: Should You Buy BCE Inc. or Enbridge Inc. Today?” with publication date: November 17, 2016.
Enbridge Inc. is an energy transportation and distribution company. The company has a market cap of $52.61 billion. The Firm operates through five divisions: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. It has a 27.61 P/E ratio. The Firm operates the crude oil and liquids transportation system in Canada and the United States.
ENB.TO Company Profile
Enbridge Inc. (Enbridge), incorporated on December 15, 1987, is an energy transportation and distribution company. The Firm operates through five divisions: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. The Firm operates the crude oil and liquids transportation system in Canada and the United States. The Firm is also involved in natural gas gathering, transmission and midstream businesses. It provides natural gas distribution services in Ontario, Quebec, New Brunswick and New York State. As a generator of energy, Enbridge has interests in over 2,200 megawatts (MW) of renewable and alternative energy generating capacity and is involved in holding its interests in wind, solar and geothermal power.
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