Enbridge (NYSE:ENB) Shares Down 0.6% – Here’s What Happened

20 Nov 2024, 19:51 by Sarita Garza · The Markets Daily

Enbridge Inc. (NYSE:ENB – Get Free Report) (TSE:ENB)’s stock price dropped 0.6% during mid-day trading on Wednesday . The company traded as low as $42.65 and last traded at $42.72. Approximately 547,913 shares traded hands during 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

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

Read Our Latest Analysis on ENB

Enbridge Trading Down 0.9 %

The firm has a market capitalization of $92.76 billion, a P/E ratio of 19.78, a P/E/G ratio of 4.10 and a beta of 0.93. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company’s fifty day moving average is $41.23 and its 200-day moving average is $38.56.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last posted its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS 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 business had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, sell-side analysts anticipate that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a $0.676 dividend. This represents a $2.70 annualized dividend and a dividend yield of 6.35%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s dividend payout ratio is currently 121.76%.

Institutional Investors Weigh In On Enbridge

A number of institutional investors have recently added to or reduced their stakes in the company. Swiss National Bank lifted its position in shares of Enbridge by 3.2% in the 3rd quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock worth $267,935,000 after acquiring an additional 207,200 shares during the period. Pinnacle Financial Partners Inc raised its stake in shares of Enbridge by 8.8% in the third quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock valued at $7,650,000 after purchasing an additional 15,207 shares in the last quarter. 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 purchasing an additional 13,515 shares during the period. CIBC Asset Management Inc boosted its stake in Enbridge by 4.0% during the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after buying an additional 936,863 shares in the last quarter. Finally, Lindbrook Capital LLC increased its stake in Enbridge by 816.2% in the third quarter. Lindbrook Capital LLC now owns 21,714 shares of the pipeline company’s stock valued at $882,000 after acquiring an additional 19,344 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Company Profile

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