Short Interest in Enbridge Inc. (NYSE:ENB) Drops By 66.7%

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 23,630,000 shares, a decrease of 66.7% from the August 15th total of 70,940,000 shares. Based on an average daily volume of 4,440,000 shares, the days-to-cover ratio is presently 5.3 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Investors Weigh In On Enbridge

A number of hedge funds and other institutional investors have recently bought and sold shares of ENB. Sei Investments Co. increased its position in shares of Enbridge by 6.1% in the first quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock valued at $9,922,000 after buying an additional 15,650 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in Enbridge during the 1st quarter valued at about $1,133,000. CAP Partners LLC acquired a new position in Enbridge during the fourth quarter worth about $391,000. Vanguard Group Inc. lifted its holdings in shares of Enbridge by 1.5% in the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after purchasing an additional 1,227,031 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in Enbridge by 11.0% during the 4th quarter. Parallel Advisors LLC now owns 24,183 shares of the pipeline company’s stock valued at $871,000 after buying an additional 2,402 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of ENB stock traded up $0.24 during mid-day trading on Friday, hitting $40.73. The stock had a trading volume of 2,604,306 shares, compared to its average volume of 5,272,553. The firm has a market cap of $88.69 billion, a PE ratio of 20.68, a PEG ratio of 3.91 and a beta of 0.94. The company’s 50-day simple moving average is $38.29 and its 200-day simple moving average is $36.60. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. Enbridge has a fifty-two week low of $31.03 and a fifty-two week high of $40.83.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the firm earned $0.51 earnings per share. Sell-side analysts anticipate that Enbridge will post 2.06 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio is presently 134.01%.

About Enbridge

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.