Enbridge Inc. (NYSE:ENB) Short Interest Update

12 Dec 2024, 05:09 by Mitch Edgeman · The Markets Daily

Enbridge Inc. (NYSE:ENB – Get Free Report) (TSE:ENB) saw a significant decline in short interest during the month of November. As of November 30th, there was short interest totalling 18,020,000 shares, a decline of 71.5% from the November 15th total of 63,180,000 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average trading volume of 3,610,000 shares, the days-to-cover ratio is presently 5.0 days.

Analyst Ratings Changes

A number of research analysts have issued reports on ENB shares. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Royal Bank of Canada reissued an “outperform” rating and set a $63.00 price objective (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Morgan Stanley started coverage on Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Enbridge presently has a consensus rating of “Hold” and a consensus target price of $63.00.

Read Our Latest Stock Analysis on ENB

Hedge Funds Weigh In On Enbridge

Several large investors have recently added to or reduced their stakes in ENB. Swiss National Bank raised its holdings in shares of Enbridge by 3.2% during the third quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock worth $267,935,000 after purchasing an additional 207,200 shares during the period. Duff & Phelps Investment Management Co. boosted its position in Enbridge by 32.6% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,302,132 shares of the pipeline company’s stock valued at $52,880,000 after purchasing an additional 319,907 shares during the period. Pinnacle Financial Partners Inc grew its position in shares of Enbridge by 8.8% during the third quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock worth $7,650,000 after acquiring an additional 15,207 shares during the last quarter. Stonegate Investment Group LLC grew its position in Enbridge by 66.5% in the 3rd 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 last quarter. Finally, CIBC Asset Management Inc grew its holdings in Enbridge by 4.0% in the 3rd 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. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Up 0.1 %

Shares of ENB stock traded up $0.03 during mid-day trading on Wednesday, reaching $42.34. 4,650,110 shares of the company were exchanged, compared to its average volume of 4,883,433. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The business’s 50 day simple moving average is $41.95 and its 200 day simple moving average is $39.21. The company has a market capitalization of $92.22 billion, a P/E ratio of 19.60, a P/E/G ratio of 4.26 and a beta of 0.94. Enbridge has a fifty-two week low of $32.85 and a fifty-two week high of $44.13.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last announced its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. The company had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the business earned $0.46 EPS. Research analysts predict that Enbridge will post 2.03 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.33%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is currently 124.07%.

About Enbridge

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