Downgrade Alert for Enbridge (ENB)
Enbridge (NYSE:ENB) was downgraded from Buy to Hold at Canaccord Genuity today. The stock closed yesterday at $45.54 on volume of 850,000 shares, above average daily volume of 654,000.
Potential upside of 5.3% exists for Enbridge, based on a current level of $45.54 and analysts' average consensus price target of $47.97. The stock should discover initial support at its 50-day moving average (MA) of $44.41 and subsequent support at its 200-day MA of $41.11.
Enbridge Inc. provides energy transportation, distribution, and related services in North America and internationally. The Company operates a crude oil and liquids pipeline system, is involved in international energy projects, and is involved in natural gas transmission and midstream businesses. Enbridge also distributes natural gas and electricity, and provides retail energy products.
In the past 52 weeks, shares of Enbridge have traded between a low of $36.82 and a high of $45.89 and closed yesterday at $45.54, which is 24% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has risen 0.2%.
SmarTrend recommended that subscribers consider buying shares of Enbridge on November 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $40.20. Since that recommendation, shares of Enbridge have risen 13.3%. We continue to monitor ENB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades enbridge