TD Newcrest Upgrades Enbridge (ENB) to Buy; Seaway Acquisition Announced
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Price: $50.46 -1.04%
Rating Summary:
10 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
10 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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TD Newcrest upgraded Enbridge (NYSE: ENB) from Hold to Buy, price target raised from C$37 to C$38.
TD analyst says, "We view the acquisition and reversal of Seaway favourably. Not only will the reversal help alleviate the glut of crude oil at Cushing in the near term, longer term Seaway can be a critical piece of infrastructure in supporting Enbridge’s goal of transporting additional volumes from its Mainline system to the USGC. We continue to see Enbridge as a prudent pipeline operator and a low-risk way to participate in the growing volumes in Canada's oil sands region and North American renewable power growth. In addition, we believe that Enbridge’s strong fundamentals, large portfolio of growth projects, and management’s track record of value creation should help it achieve above-average EPS growth in the long term."
For an analyst ratings summary and ratings history on Enbridge click here. For more ratings news on Enbridge click here.
Shares of Enbridge closed at $34.12 yesterday.
TD analyst says, "We view the acquisition and reversal of Seaway favourably. Not only will the reversal help alleviate the glut of crude oil at Cushing in the near term, longer term Seaway can be a critical piece of infrastructure in supporting Enbridge’s goal of transporting additional volumes from its Mainline system to the USGC. We continue to see Enbridge as a prudent pipeline operator and a low-risk way to participate in the growing volumes in Canada's oil sands region and North American renewable power growth. In addition, we believe that Enbridge’s strong fundamentals, large portfolio of growth projects, and management’s track record of value creation should help it achieve above-average EPS growth in the long term."
For an analyst ratings summary and ratings history on Enbridge click here. For more ratings news on Enbridge click here.
Shares of Enbridge closed at $34.12 yesterday.
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