RBC Capital Reiterates Their Hold Rating on Enbridge Income Holdings

By Ryan Adsit

Enbridge Income Holdings (TSX: ENF), the Materials sector company was revisited today, yet the Wall Street analyst remains currently on the sidelines. The company received a Hold rating from RBC Capital’s analyst Robert Kwan, with a C$35 price target.

According to TipRanks.com, Kwan is a top 100 analyst with an average return of 12.6% and a 76.7% success rate. Kwan covers the Utilities sector, focusing on stocks such as Brookfield Infrastructure, Pattern Energy, and TransAlta.

Enbridge Income Holdings has an analyst consensus of Moderate Buy, with a price target consensus of C$36.28.

Based on Enbridge Income Holdings’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$68 million and quarterly net profit of C$67 million. In comparison, last year the company earned revenue of C$52 million and had a net profit of C$52 million.

Enbridge Income Fund Holdings, Inc. operates as an open-end investment fund/investment trust. Its business is limited to acquiring, holding, transferring, disposing of, investing in and otherwise dealing in assets, securities, properties or other interests of, or issued by, the Fund and its Associates or Affiliates, or any other business entity in which the Fund has an interest. The company also involves in borrowing funds and incurring indebtedness, guaranteeing debts or liabilities, and issuing, redeeming or repurchasing securities. Enbridge Income Fund Holdings was founded on March 26, 2010 and is headquartered in Calgary, Canada.

The company’s shares closed last Friday at $32.88.