National Bank Financial Lowers Enbridge Income Fund (ENF) Price Target to C$30.50

Enbridge Income Fund (TSE:ENF) had its price target reduced by analysts at National Bank Financial from C$32.50 to C$30.50 in a note issued to investors on Monday. The brokerage presently has a “tender” rating on the stock. National Bank Financial’s price target would indicate a potential downside of 2.12% from the stock’s previous close.

Several other brokerages also recently issued reports on ENF. CIBC restated a “neutral” rating and set a C$33.00 price objective on shares of Enbridge Income Fund in a research report on Wednesday, August 8th. Royal Bank of Canada lifted their price objective on Enbridge Income Fund from C$31.00 to C$34.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 7th. CSFB lifted their price objective on Enbridge Income Fund from C$28.00 to C$32.00 in a research report on Tuesday, October 23rd. Finally, BMO Capital Markets lifted their price objective on Enbridge Income Fund from C$33.00 to C$34.00 in a research report on Tuesday, September 11th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Enbridge Income Fund currently has a consensus rating of “Hold” and an average price target of C$32.41.

Shares of Enbridge Income Fund stock traded up C$0.52 during trading on Monday, hitting C$31.16. 428,347 shares of the company were exchanged, compared to its average volume of 559,081. Enbridge Income Fund has a fifty-two week low of C$26.36 and a fifty-two week high of C$34.29.

Enbridge Income Fund (TSE:ENF) last issued its quarterly earnings data on Friday, November 2nd. The company reported C$0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.63 by C$0.01. The company had revenue of C$114.00 million for the quarter, compared to analyst estimates of C$113.14 million.

About Enbridge Income Fund

Enbridge Income Fund Holdings Inc, through its investment in Enbridge Income Fund, holds energy infrastructure assets in Canada. The company holds interests in the 2,306-kilometre Canadian Mainline, the Regional Oil Sands System, and Southern Lights Pipeline, as well as other crude oil gathering pipelines and storage facilities in Alberta, Saskatchewan, Manitoba, Ontario, and Quebec; and crude oil storage terminals and caverns in Hardisty, Alberta.

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