Enbridge (NYSE:ENB) Cut to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) from an overweight rating to a neutral rating in a report released on Tuesday, Marketbeat.com reports.

Other analysts have also issued reports about the stock. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Cibc World Mkts cut Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Finally, Royal Bank Of Canada raised their price objective on Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $63.00.

Enbridge Stock Performance

Shares of NYSE ENB opened at $49.27 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. The business’s 50 day moving average is $47.41 and its two-hundred day moving average is $47.54. The company has a market cap of $107.48 billion, a P/E ratio of 27.07 and a beta of 0.68. Enbridge has a 12 month low of $39.73 and a 12 month high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.06). The business had revenue of $7 billion during the quarter, compared to the consensus estimate of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same period in the prior year, the company posted $0.55 earnings per share. On average, equities analysts expect that Enbridge will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $3.88 annualized dividend and a yield of 7.9%. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s payout ratio is presently 147.80%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Blue Fin Capital Inc. grew its holdings in shares of Enbridge by 1.3% in the 4th quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company’s stock worth $767,000 after purchasing an additional 213 shares during the last quarter. IHT Wealth Management LLC boosted its position in Enbridge by 1.2% in the second quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock valued at $820,000 after buying an additional 213 shares in the last quarter. HBK Sorce Advisory LLC grew its stake in Enbridge by 1.8% during the third quarter. HBK Sorce Advisory LLC now owns 12,424 shares of the pipeline company’s stock worth $609,000 after buying an additional 215 shares during the last quarter. Copperleaf Capital LLC grew its stake in Enbridge by 3.6% during the third quarter. Copperleaf Capital LLC now owns 6,328 shares of the pipeline company’s stock worth $319,000 after buying an additional 217 shares during the last quarter. Finally, South Plains Financial Inc. increased its holdings in shares of Enbridge by 13.2% during the second quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company’s stock worth $85,000 after buying an additional 220 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.