Canaccord Genuity Gives a Buy Rating to Enbridge

By Austin Angelo

Today, an analyst has provided a rating update for the Materials sector company, Enbridge (TSX: ENB). Analyst David Galison from Canaccord Genuity rated Enbridge (TSX: ENB) a Buy, setting a C$52 price target.

According to TipRanks.com, Galison is ranked #1088 out of 4801 analysts.

Currently, the analyst consensus on Enbridge is Strong Buy and the average price target is C$53.20, representing a 25.7% upside.

In a report issued on May 9, Credit Suisse also maintained a Buy rating on the stock with a C$55 price target.

Based on Enbridge’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$12.94 billion and net profit of C$534 million. In comparison, last year the company earned revenue of C$10.82 billion and had a net profit of C$721 million.

Enbridge, Inc. engages in the provision of gas and oil businesses. It operates through the following segments: Liquid Pipelines, Gas Distribution, Gas Distribution, Green Power and Transmission, Energy Services, and Eliminations and Other.

The company’s shares closed on Thursday at C$42.33.