Enbridge (NYSE:ENB) Stock Price Down 0.7% – What’s Next?

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was down 0.7% during mid-day trading on Tuesday . The company traded as low as $42.33 and last traded at $42.47. Approximately 905,932 shares were traded during trading, a decline of 81% from the average daily volume of 4,863,684 shares. The stock had previously closed at $42.78.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Morgan Stanley initiated coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th.

Enbridge Price Performance

The stock has a market capitalization of $91.84 billion, a PE ratio of 19.58, a P/E/G ratio of 4.11 and a beta of 0.93. The firm’s 50 day simple moving average is $40.98 and its 200 day simple moving average is $38.28. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.40 by $0.15. The company had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the previous year, the firm earned $0.46 earnings per share. As a group, equities analysts forecast that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be paid a $0.676 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a yield of 6.41%. Enbridge’s payout ratio is presently 121.76%.

Institutional Investors Weigh In On Enbridge

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its stake in Enbridge by 19.4% in the first quarter. BNP Paribas Financial Markets now owns 6,991 shares of the pipeline company’s stock worth $253,000 after purchasing an additional 1,136 shares during the period. Atomi Financial Group Inc. purchased a new position in Enbridge during the first quarter valued at approximately $347,000. Concurrent Investment Advisors LLC raised its position in Enbridge by 3.2% during the first quarter. Concurrent Investment Advisors LLC now owns 24,193 shares of the pipeline company’s stock valued at $875,000 after acquiring an additional 740 shares in the last quarter. Sei Investments Co. increased its position in shares of Enbridge by 6.1% in the first quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock valued at $9,922,000 after buying an additional 15,650 shares in the last quarter. Finally, US Bancorp DE increased its position in shares of Enbridge by 21.2% in the first quarter. US Bancorp DE now owns 461,607 shares of the pipeline company’s stock valued at $16,701,000 after buying an additional 80,711 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

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.