Enbridge’s (ENB) Outperform Rating Reiterated at Royal Bank of Canada

Enbridge (NYSE:ENB) (TSE:ENB)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $63.00 price target on the pipeline company’s stock, up from their prior price target of $59.00. Royal Bank of Canada’s price target suggests a potential upside of 44.46% from the company’s current price.

A number of other research analysts also recently commented on the company. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley started coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.00.

Enbridge Stock Up 0.3 %

Shares of ENB traded up $0.12 during trading hours on Wednesday, reaching $43.61. The company’s stock had a trading volume of 1,343,600 shares, compared to its average volume of 4,850,220. 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 has a market cap of $94.98 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 4.26 and a beta of 0.94. The company has a 50 day moving average of $41.73 and a two-hundred day moving average of $38.98. Enbridge has a 1-year low of $32.85 and a 1-year high of $44.02.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The company had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. As a group, research analysts predict that Enbridge will post 2.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Enbridge

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. raised its stake in shares of Enbridge by 28.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock valued at $45,000 after purchasing an additional 246 shares during the period. Associated Banc Corp raised its position in Enbridge by 3.6% in the 3rd quarter. Associated Banc Corp now owns 7,091 shares of the pipeline company’s stock valued at $288,000 after buying an additional 248 shares during the last quarter. Hobbs Group Advisors LLC lifted its stake in Enbridge by 15.1% in the 3rd quarter. Hobbs Group Advisors LLC now owns 1,897 shares of the pipeline company’s stock valued at $77,000 after acquiring an additional 249 shares in the last quarter. Centaurus Financial Inc. boosted its position in Enbridge by 1.7% during the 3rd quarter. Centaurus Financial Inc. now owns 14,980 shares of the pipeline company’s stock worth $608,000 after acquiring an additional 256 shares during the last quarter. Finally, First PREMIER Bank grew its stake in shares of Enbridge by 1.7% during the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after acquiring an additional 257 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

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.