Business

Stock News Update: Enbridge Inc. (NYSE:ENB)

Enbridge Inc. (NYSE:ENB) stock observed trading -30.22% off 52-week high price. On the other end, the stock has been noted 33.41% away from low price over the last 52-weeks. The stock disclosed a move of -2.25% away from 50 day moving average and -15.22% away from 200 day moving average. Moving closer, we can see that shares have been trading 3.28% off 20-day moving average. It has market cap of $62.46B and dividend yield of 7.97%.

On May 04, 2020, Enbridge Inc. (NYSE:ENB) reported that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 13 (Series 13 Shares) (TSX: ENB.PF.E) on June 1, 2020. As a result, subject to certain conditions, the holders of the Series 13 Shares have the right to convert all or part of their Series 13 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 14 of Enbridge (Series 14 Shares) on June 1, 2020. Holders who do not exercise their right to convert their Series 13 Shares into Series 14 Shares will retain their Series 13 Shares.

The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 13 Shares outstanding after June 1, 2020, then all remaining Series 13 Shares will automatically be converted into Series 14 Shares on a one-for-one basis on June 1, 2020; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 14 Shares outstanding after June 1, 2020, no Series 13 Shares will be converted into Series 14 Shares. There are currently 14,000,000 Series 13 Shares outstanding.

With respect to any Series 13 Shares that remain outstanding after June 1, 2020, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and when declared by the Board of Directors of Enbridge. The new annual dividend rate applicable to the Series 13 Shares for the five-year period commencing on June 1, 2020 to, but excluding, June 1, 2025 will be 3.043 percent, being equal to the five-year Government of Canada bond yield of 0.383 percent determined as of  plus 2.66 percent in accordance with the terms of the Series 13 Shares.

The Canada based company Enbridge Inc. moved with change of 0.84% to $30.11 with the total traded volume of 3743079 shares in recent session versus to an average volume of 6.52M. The stock was observed in the 5 days activity at 1.52%. The one month performance of stock was 9.53%. ENB’s shares are at -26.69% for the quarter and driving a -17.84% return over the course of the past year and is now at -24.29% since this point in 2018.  Right now the stock beta is 0.84. The average volatility for the week and month was at 3.20% and 3.08% respectively. There are 2.07B shares outstanding and 2.02B shares are floated in market.

Leave a Reply

Your email address will not be published. Required fields are marked *