Enbridge (NYSE:ENB) Trading Down 2.4% – Here’s What Happened

15 Nov 2024, 18:40 by Mitch Edgeman · The Markets Daily

Shares of Enbridge Inc. (NYSE:ENB – Get Free Report) (TSE:ENB) fell 2.4% during trading on Friday . The stock traded as low as $41.94 and last traded at $42.05. 964,275 shares were traded during trading, a decline of 80% from the average session volume of 4,858,582 shares. The stock had previously closed at $43.09.

Analyst Ratings Changes

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

Check Out Our Latest Stock Analysis on ENB

Enbridge Price Performance

The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The firm’s fifty day moving average price is $41.11 and its 200 day moving average price is $38.39. The stock has a market cap of $91.51 billion, a PE ratio of 19.47, a P/E/G ratio of 4.13 and a beta of 0.93.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last announced its quarterly 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 business had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the previous year, the company earned $0.46 EPS. As a group, equities analysts expect 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. Shareholders of record on Friday, November 15th will be issued a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a yield of 6.44%. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s dividend payout ratio (DPR) is currently 122.22%.

Institutional Trading of Enbridge

Several hedge funds have recently modified their holdings of ENB. Sei Investments Co. increased its stake in Enbridge by 6.1% during the first quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock worth $9,922,000 after acquiring an additional 15,650 shares during the last quarter. Pinnacle Financial Partners Inc raised its holdings in Enbridge by 8.8% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock valued at $7,650,000 after buying an additional 15,207 shares during the period. Stonegate Investment Group LLC lifted its position in Enbridge by 66.5% in the third quarter. Stonegate Investment Group LLC now owns 33,833 shares of the pipeline company’s stock worth $1,374,000 after buying an additional 13,515 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Enbridge by 816.2% during the third quarter. Lindbrook Capital LLC now owns 21,714 shares of the pipeline company’s stock worth $882,000 after buying an additional 19,344 shares during the period. Finally, Ted Buchan & Co increased its position in Enbridge by 43.5% during the third quarter. Ted Buchan & Co now owns 48,799 shares of the pipeline company’s stock valued at $1,985,000 after acquiring an additional 14,791 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Company Profile

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