Enbridge (NYSE:ENB) Shares Down 0.6% – What’s Next?

22 Nov 2024, 09:38 by Scott Moore · The Cerbat Gem

Enbridge Inc. (NYSE:ENB – Get Free Report) (TSE:ENB) was down 0.6% during trading on Wednesday . The company traded as low as $42.65 and last traded at $42.72. Approximately 547,913 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 4,849,617 shares. The stock had previously closed at $42.98.

Wall Street Analyst Weigh In

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

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Enbridge Trading Up 1.6 %

The business’s 50 day simple moving average is $41.34 and its 200 day simple moving average is $38.62. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The company has a market capitalization of $94.65 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 4.18 and a beta of 0.93.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last posted its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The company had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same period last year, the firm earned $0.46 EPS. Research analysts anticipate that Enbridge Inc. will post 2.06 EPS for the current year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a dividend of $0.676 per share. 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 6.22%. This is an increase from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s dividend payout ratio is presently 121.76%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in shares of Enbridge during the 2nd quarter worth approximately $28,000. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the second quarter worth $28,000. McIlrath & Eck LLC lifted its holdings in Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in shares of Enbridge during the 1st quarter worth $29,000. Finally, Grove Bank & Trust increased its holdings in shares of Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Company Profile

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