Enbridge (NYSE:ENB) Shares Up 1.1%

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

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Enbridge currently has an average rating of “Hold” and an average target price of $51.50.

Enbridge Stock Up 1.2 %

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

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly 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. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period in the prior year, the business earned $0.51 earnings per share. Research analysts expect that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

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

Hedge Funds Weigh In On Enbridge

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Enbridge by 1.5% in the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after purchasing an additional 1,227,031 shares during the period. TD Asset Management Inc increased its position in Enbridge by 0.9% during the first quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock worth $1,377,708,000 after buying an additional 337,729 shares during the last quarter. 1832 Asset Management L.P. grew its holdings in Enbridge by 3.9% during the first quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after purchasing an additional 1,360,439 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of Enbridge by 12.8% during the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after purchasing an additional 3,693,495 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Enbridge by 3.7% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after acquiring an additional 827,540 shares during the period. 54.60% of the stock is currently owned by institutional investors and hedge funds.

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.