Enbridge (NYSE:ENB) Trading 0.8% Higher – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s share price rose 0.8% during mid-day trading on Thursday . The company traded as high as $43.00 and last traded at $42.82. Approximately 1,384,215 shares changed hands during trading, a decline of 72% from the average daily volume of 4,857,002 shares. The stock had previously closed at $42.49.

Analysts Set New Price Targets

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

Enbridge Trading Up 1.8 %

The stock has a 50-day moving average price of $41.06 and a two-hundred day moving average price of $38.35. The stock has a market capitalization of $94.16 billion, a PE ratio of 19.82, a PEG ratio of 4.10 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the prior year, the business posted $0.46 earnings per share. As a group, equities analysts forecast that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a dividend of $0.676 per share. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 dividend on an annualized basis and a yield of 6.25%. Enbridge’s dividend payout ratio (DPR) is currently 122.22%.

Hedge Funds Weigh In On Enbridge

Several hedge funds have recently modified their holdings of ENB. Verition Fund Management LLC increased its holdings in Enbridge by 13.5% in the 3rd quarter. Verition Fund Management LLC now owns 7,637 shares of the pipeline company’s stock valued at $310,000 after acquiring an additional 910 shares during the last quarter. Auxier Asset Management bought a new stake in shares of Enbridge in the third quarter worth about $204,000. Captrust Financial Advisors lifted its position in shares of Enbridge by 5.9% in the third quarter. Captrust Financial Advisors now owns 351,010 shares of the pipeline company’s stock worth $14,256,000 after buying an additional 19,458 shares in the last quarter. Icon Wealth Advisors LLC boosted its stake in Enbridge by 5.0% during the third quarter. Icon Wealth Advisors LLC now owns 13,650 shares of the pipeline company’s stock valued at $554,000 after buying an additional 650 shares during the last quarter. Finally, Infrastructure Capital Advisors LLC grew its holdings in Enbridge by 34.1% during the 3rd quarter. Infrastructure Capital Advisors LLC now owns 117,119 shares of the pipeline company’s stock valued at $4,756,000 after buying an additional 29,762 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

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.