With the market stumbling again over the last few weeks, shares of Enbridge (NYSE: ENB) have plunged 19% below their recent high. The sell-off has pushed the energy infrastructure giant's dividend yield up to 7%. Enbridge recently enhanced its ability to grow by making several value-enhancing moves.
Oil stocks were gaining broadly today as the stock market jumped to start the fourth quarter, and as the price of oil rose on signs that OPEC+, which includes Russia, may cut its daily production. Crude oil futures rose 5% on the day, and Treasury yields were down sharply in response to the U.K.'s plan to reverse a tax cut and on news that Credit Suisse's financial health could be in doubt. With the 10-year Treasury yield falling 4%, stock prices soared as falling yields tend to be bullish for stock prices, especially as investors have been nervous about rising interest rates.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.