Enbridge (NYSE:ENB) Shares Up 1.1%

Shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) rose 1.1% during mid-day trading on Tuesday . The company traded as high as $41.10 and last traded at $41.06. 632,200 shares were traded during trading, a decline of 88% from the average daily volume of 5,119,366 shares. The stock had previously closed at $40.61.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Enbridge presently has a consensus rating of “Hold” and an average target price of $51.50.

Enbridge Stock Up 1.2 %

The firm has a 50-day moving average price of $39.34 and a two-hundred day moving average price of $37.02. The company has a market capitalization of $87.66 billion, a price-to-earnings ratio of 20.84, a PEG ratio of 3.93 and a beta of 0.94. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the prior year, the business earned $0.51 earnings per share. As a group, sell-side analysts anticipate that Enbridge Inc. will post 2.08 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a yield of 6.51%. Enbridge’s payout ratio is currently 134.01%.

Hedge Funds Weigh In On Enbridge

Hedge funds and other institutional investors have recently modified their holdings of the business. Rockwood Wealth Management LLC raised its stake in shares of Enbridge by 2.6% during the 2nd quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 285 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in Enbridge by 3.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after acquiring an additional 298 shares in the last quarter. Nations Financial Group Inc. IA ADV lifted its stake in shares of Enbridge by 1.7% in the second quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock worth $649,000 after buying an additional 298 shares in the last quarter. Perigon Wealth Management LLC raised its position in Enbridge by 3.7% in the 1st quarter. Perigon Wealth Management LLC now owns 8,827 shares of the pipeline company’s stock worth $319,000 after buying an additional 314 shares during the last quarter. Finally, RFG Advisory LLC boosted its position in Enbridge by 2.3% in the second quarter. RFG Advisory LLC now owns 14,183 shares of the pipeline company’s stock worth $505,000 after purchasing an additional 325 shares during the last quarter. Hedge funds and other institutional investors 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.