Enbridge (NYSE:ENB) Shares Up 0.7% – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB) shares traded up 0.7% during mid-day trading on Friday . The company traded as high as $43.24 and last traded at $43.20. 500,045 shares were traded during mid-day trading, a decline of 90% from the average session volume of 4,842,973 shares. The stock had previously closed at $42.90.

Wall Street Analysts Forecast Growth

ENB has been the topic of a number of analyst reports. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Morgan Stanley started coverage on Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating on the stock.

Enbridge Stock Performance

The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The firm has a 50-day moving average price of $41.57 and a 200 day moving average price of $38.82. The firm has a market capitalization of $94.66 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 4.22 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. The firm had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same quarter in the prior year, the company earned $0.46 EPS. Research analysts expect that Enbridge Inc. will post 2.04 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be issued a $0.676 dividend. The ex-dividend date is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.22%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is 121.76%.

Hedge Funds Weigh In On Enbridge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ENB. Janus Henderson Group PLC raised its holdings in shares of Enbridge by 2.1% in the 1st quarter. Janus Henderson Group PLC now owns 215,629 shares of the pipeline company’s stock valued at $7,800,000 after purchasing an additional 4,400 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Enbridge by 8.0% in the 1st quarter. Tidal Investments LLC now owns 40,565 shares of the pipeline company’s stock valued at $1,468,000 after acquiring an additional 3,008 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of Enbridge during the 1st quarter worth about $114,000. Atria Investments Inc raised its position in Enbridge by 2.4% in the 1st quarter. Atria Investments Inc now owns 108,960 shares of the pipeline company’s stock valued at $3,942,000 after purchasing an additional 2,510 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in Enbridge by 158.4% during the 1st quarter. Cetera Investment Advisers now owns 740,091 shares of the pipeline company’s stock worth $26,774,000 after purchasing an additional 453,631 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.