Could Enbridge Income Fund Holdings Inc Change Direction After Today’s Gap Up?

 Could Enbridge Income Fund Holdings Inc Change Direction After Today's Gap Up?

The stock of Enbridge Income Fund Holdings Inc (TSE:ENF) gapped up by $0.34 today and has $35.69 target or 5.00% above today’s $33.99 share price. The 9 months technical chart setup indicates low risk for the $4.20 billion company. The gap was reported on Nov, 30 by Barchart.com. If the $35.69 price target is reached, the company will be worth $210.00M 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 53,444 shares traded hands. Enbridge Income Fund Holdings Inc (TSE:ENF) has risen 15.45% since April 26, 2016 and is uptrending. It has outperformed by 10.22% 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 6.47% above today’s ($33.99) stock price. Enbridge Income Fund has been the topic of 15 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Thursday, December 3 by BMO Capital Markets. The firm earned “Outperform” rating on Monday, November 9 by National Bank Canada. On Tuesday, December 15 the stock rating was initiated by JP Morgan with “Neutral”. On Thursday, February 4 the stock rating was downgraded by Credit Suisse to “Neutral”. As per Friday, November 4, the company rating was maintained by Scotia Capital. The stock of Enbridge Income Fund Holdings Inc (TSE:ENF) earned “Buy” rating by TD Securities on Friday, November 4.

More notable recent Enbridge Income Fund Holdings Inc (TSE:ENF) news were published by: Theglobeandmail.com which released: “The Globe and Mail” on December 25, 2010, 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 Income Fund Holdings Inc. Reports Strong 2015 Results” on February 19, 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. Announces $700 Million Common Share Offering” published on October 13, 2015 as well as Fool.ca‘s news article titled: “Should You Buy Enbridge Income Fund Holdings Inc. Instead of Enbridge Inc.?” with publication date: June 30, 2015.

Enbridge Income Fund Holdings Inc., through its investment in Enbridge Income Fund, holds energy infrastructure assets. The company has a market cap of $4.20 billion. The Company’s business is limited to ownership of its interest in Enbridge Income Fund . It has a 16.5 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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