ENB - Enbridge Inc - A number of analysts have raised their quarterly and full-year forecasts in the last 30 days

Shares of Enbridge Inc. (ENB) have traded in a very tight range for most of October but now appear ready to move higher. A number of analysts have raised their quarterly and full-year forecasts in the last 30 days. Enbridge Inc., a Canadian company, is a leader in energy transportation and distribution in North America and internationally. As a transporter of energy, ENB operates the world's longest crude oil and liquids pipeline system. The Company also has international operations and a growing involvement in the natural gas transmission and midstream businesses. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company and provides distribution services in Ontario, Quebec, New Brunswick and New York State. ENB has a very strong history of beating its earnings estimates, having topped expectation during three out of the last four quarters. The average margin of surprise during this period has been two cents per share, or 5.60% "Earnings for the first half of 2007 were again consistent with our expectations, increasing 7% from the prior year," said Patrick D. Daniel, President and Chief Executive Officer. "The increase reflects steady performance across our diversified business segments. Project execution is currently a high priority with many of our previously announced organic growth projects nearing or entering the construction phase. The investment in these projects will generate decades of favorable cash flow and should support our medium-term goal of 8% to 10% average annual earnings per share growth over the next five years." Both quarterly and full-year estimates have experienced upward revisions in the last 30 days. Notably, forecasts have also been raised for next year as well. The consensus forecast calls for the company to earn $1.74 this year and $1.86 next year. These positive revisions have helped ENB move beyond the range that it had traded in for most of the year and establish a new 12-month high ahead of its Nov 7 earnings report. On Aug 16, ENB bottomed out at $31 per share, but has since put together a very strong run and is now trading above its 12-month high at $39. A very nice trend line that began on Aug 16 and touches the lows of Aug 28 and Sep 10 continues to support current prices. From Oct 5 to Oct 22 ENB traded in a fairly tight range, moving between $38 and $39. On Oct 22, prices brushed against the previously discussed trend line and the 21-day moving average at $38, and responded aggressively, accelerating upward. Yesterday, Oct 23, the stock continued to move higher, advancing beyond its recent trading range and above the $39 level. We have yet to see sustained trading or a close above this level, but the support of the moving average and trend line should continue to apply pressure to this area. This technical formation coupled with a strong earnings report, as historically seen from ENB, should provide a very nice foundation for this stock to head higher and continue to establish new 12-month highs. Content Courtesy: Zacks Investment Research #1 Ranked Stocks Highlight Archive To truly take advantage of the Zacks Rank, you need to first understand how it works. That is why we created the free special report: Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions. | Blog Home| VitalStocks Home