Enbridge Inc. (ENB) Sees Significant Growth in Short Interest
Enbridge Inc. (NYSE:ENB) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 37,394,426 shares, an increase of 15.2% from the October 14th total of 32,448,153 shares. Based on an average trading volume of 2,159,756 shares, the days-to-cover ratio is currently 17.3 days. Approximately 4.0% of the shares of the company are sold short.
Shares of Enbridge (NYSE:ENB) opened at 40.70 on Monday. Enbridge has a 12 month low of $27.43 and a 12 month high of $45.77. The firm has a market cap of $38.20 billion, a price-to-earnings ratio of 27.61 and a beta of 0.62. The firm has a 50-day moving average of $43.27 and a 200-day moving average of $41.88.
Enbridge (NYSE:ENB) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by $0.02. Enbridge had a net margin of 5.99% and a return on equity of 14.67%. During the same quarter in the prior year, the business posted $0.47 earnings per share. On average, analysts anticipate that Enbridge will post $1.74 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Tuesday, November 15th will be issued a dividend of $0.3956 per share. This represents a $1.58 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date of this dividend is Thursday, November 10th. Enbridge’s dividend payout ratio (DPR) is presently 105.33%.
A number of hedge funds have recently bought and sold shares of the company. Blue Fin Capital Inc. raised its stake in Enbridge by 0.9% in the second quarter. Blue Fin Capital Inc. now owns 33,190 shares of the company’s stock worth $1,406,000 after buying an additional 300 shares during the period. SL Advisors LLC purchased a new stake in Enbridge during the second quarter worth $3,151,000. American Century Companies Inc. purchased a new stake in Enbridge during the second quarter worth $8,818,000. British Airways Pensions Investment Management Ltd raised its stake in Enbridge by 18.9% in the second quarter. British Airways Pensions Investment Management Ltd now owns 235,390 shares of the company’s stock worth $9,959,000 after buying an additional 37,400 shares during the period. Finally, CIBC World Markets Inc. raised its stake in Enbridge by 2.9% in the second quarter. CIBC World Markets Inc. now owns 13,784,859 shares of the company’s stock worth $583,927,000 after buying an additional 382,434 shares during the period. 67.05% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Scotiabank reissued an “outperform” rating and issued a $61.00 price target on shares of Enbridge in a report on Wednesday, August 3rd. Zacks Investment Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 8th. National Bank Financial raised shares of Enbridge from a “sector perform” rating to an “outperform” rating in a report on Wednesday, September 7th. Goldman Sachs Group Inc. cut shares of Enbridge from a “buy” rating to a “neutral” rating and lowered their price target for the company from $44.00 to $42.00 in a report on Wednesday, July 20th. Finally, TD Securities reaffirmed a “buy” rating and set a $62.00 target price on shares of Enbridge in a report on Sunday, November 6th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $56.75.
Enbridge Company Profile
Enbridge Inc (Enbridge) is an energy transportation and distribution company. The Company operates through five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. The Company operates the crude oil and liquids transportation system in Canada and the United States.
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