Enbridge (NYSE:ENB) Receives Outperform Rating from Royal Bank of Canada

Enbridge (NYSE:ENB) (TSE:ENB)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $67.00 target price on the pipeline company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 50.95% from the company’s previous close.

Several other equities research analysts have also weighed in on ENB. TD Securities started coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Raymond James upgraded shares of Enbridge to a “moderate buy” rating in a report on Wednesday, April 23rd. CIBC reiterated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Finally, Citigroup began coverage on shares of Enbridge in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Enbridge Trading Down 3.7%

ENB stock traded down $1.72 during midday trading on Monday, reaching $44.39. The company’s stock had a trading volume of 3,085,538 shares, compared to its average volume of 4,135,429. Enbridge has a 52 week low of $34.60 and a 52 week high of $47.08. The stock has a market cap of $96.76 billion, a PE ratio of 25.78, a price-to-earnings-growth ratio of 3.92 and a beta of 0.84. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The business’s 50-day simple moving average is $44.24 and its 200-day simple moving average is $43.33.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. The firm had revenue of $7.27 billion for the quarter, compared to analysts’ expectations of $10.20 billion. During the same period last year, the firm earned $0.92 earnings per share. As a group, sell-side analysts expect that Enbridge will post 2.14 EPS for the current year.

Institutional Trading of Enbridge

Hedge funds and other institutional investors have recently bought and sold shares of the business. Metis Global Partners LLC raised its position in shares of Enbridge by 4.0% in the 4th quarter. Metis Global Partners LLC now owns 206,921 shares of the pipeline company’s stock valued at $8,782,000 after buying an additional 7,986 shares in the last quarter. Aviso Financial Inc. raised its position in shares of Enbridge by 4.3% in the 4th quarter. Aviso Financial Inc. now owns 1,417,584 shares of the pipeline company’s stock valued at $60,152,000 after buying an additional 58,176 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Enbridge by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock valued at $3,888,507,000 after buying an additional 3,611,421 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of Enbridge by 8.6% in the 4th quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock valued at $26,808,000 after buying an additional 49,800 shares in the last quarter. Finally, Greenland Capital Management LP raised its position in shares of Enbridge by 189.1% in the 4th quarter. Greenland Capital Management LP now owns 35,410 shares of the pipeline company’s stock valued at $1,502,000 after buying an additional 23,160 shares in the last quarter. Institutional investors and hedge funds 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.