Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 19,360,000 shares, an increase of 70.3% from the September 30th total of 11,370,000 shares. Currently, 1.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,190,000 shares, the days-to-cover ratio is currently 6.1 days.
Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Enbridge by 2.0% during the second quarter. Vanguard Group Inc. now owns 61,387,908 shares of the pipeline company’s stock worth $2,214,876,000 after acquiring an additional 1,200,391 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Enbridge by 6.8% during the second quarter. Great West Life Assurance Co. Can now owns 13,006,953 shares of the pipeline company’s stock worth $468,753,000 after acquiring an additional 833,190 shares during the last quarter. Bank of Nova Scotia raised its position in shares of Enbridge by 0.8% during the second quarter. Bank of Nova Scotia now owns 12,535,497 shares of the pipeline company’s stock worth $448,587,000 after acquiring an additional 103,842 shares during the last quarter. Salient Capital Advisors LLC raised its position in shares of Enbridge by 5.2% during the second quarter. Salient Capital Advisors LLC now owns 10,584,696 shares of the pipeline company’s stock worth $382,165,000 after acquiring an additional 519,679 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of Enbridge by 3.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 8,917,054 shares of the pipeline company’s stock worth $312,810,000 after acquiring an additional 321,281 shares during the last quarter. Hedge funds and other institutional investors own 54.18% of the company’s stock.
ENB has been the topic of several recent analyst reports. Wells Fargo & Co boosted their price target on Enbridge from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. Evercore ISI reaffirmed a “hold” rating and issued a $48.00 price target on shares of Enbridge in a research note on Tuesday. Barclays lowered Enbridge from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $52.00 to $51.00 in a research note on Tuesday, October 15th. Goldman Sachs Group initiated coverage on Enbridge in a research note on Thursday, July 18th. They issued a “neutral” rating on the stock. Finally, Citigroup boosted their price target on Enbridge from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $46.75.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, November 8th. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.42. Enbridge had a return on equity of 8.31% and a net margin of 12.07%. The firm had revenue of $8.79 billion during the quarter, compared to the consensus estimate of $11.65 billion. During the same quarter in the previous year, the company posted $0.55 EPS. On average, sell-side analysts forecast that Enbridge will post 2.08 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a $0.561 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $2.24 annualized dividend and a yield of 5.88%. Enbridge’s payout ratio is presently 107.80%.
Enbridge Company Profile
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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