Enbridge (NYSE:ENB) (TSE:ENB) issued its earnings results on Friday. The pipeline company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.08, Morningstar.com reports. The company had revenue of $9.92 billion for the quarter. Enbridge had a return on equity of 8.31% and a net margin of 9.09%.
NYSE ENB traded down $0.14 during trading on Friday, hitting $33.50. 2,807,758 shares of the stock traded hands, compared to its average volume of 2,273,907. The firm has a market capitalization of $67.58 billion, a P/E ratio of 16.34, a P/E/G ratio of 2.62 and a beta of 0.59. The company has a 50-day moving average of $35.32. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 0.92. Enbridge has a 12-month low of $28.82 and a 12-month high of $38.04.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Tuesday, October 1st will be issued a dividend of $0.251 per share. This represents a $1.00 annualized dividend and a yield of 3.00%. The ex-dividend date is Monday, September 30th. Enbridge’s dividend payout ratio is presently 106.83%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ENB. Salient Capital Advisors LLC grew its holdings in Enbridge by 152.6% during the 1st quarter. Salient Capital Advisors LLC now owns 10,377,798 shares of the pipeline company’s stock valued at $369,715,000 after buying an additional 6,269,108 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in shares of Enbridge in the 1st quarter worth approximately $225,056,000. Toronto Dominion Bank boosted its holdings in shares of Enbridge by 48.1% in the 1st quarter. Toronto Dominion Bank now owns 12,809,209 shares of the pipeline company’s stock worth $463,864,000 after purchasing an additional 4,162,457 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Enbridge in the 1st quarter worth approximately $70,385,000. Finally, GQG Partners LLC purchased a new position in shares of Enbridge in the 1st quarter worth approximately $63,341,000. Institutional investors and hedge funds own 55.17% of the company’s stock.
Several analysts recently issued reports on the company. ValuEngine downgraded Enbridge from a “hold” rating to a “sell” rating in a research note on Thursday. Barclays assumed coverage on Enbridge in a research note on Tuesday, April 9th. They set an “overweight” rating on the stock. Bank of America downgraded Enbridge from a “buy” rating to a “neutral” rating and set a $49.00 target price on the stock. in a research note on Tuesday, July 2nd. Industrial Alliance Securities reissued a “buy” rating on shares of Enbridge in a research note on Monday, April 8th. Finally, Wolfe Research downgraded Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 target price on the stock. in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $43.75.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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