Enbridge (NYSE:ENB) Shares Down 0.3% – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s stock price dropped 0.3% on Monday . The stock traded as low as $40.66 and last traded at $40.83. Approximately 685,856 shares were traded during trading, a decline of 86% from the average daily volume of 4,893,058 shares. The stock had previously closed at $40.94.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ENB. Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Morgan Stanley began coverage on shares of Enbridge in a report on Friday. They set an “equal weight” rating on the stock.

Enbridge Stock Performance

The firm has a market capitalization of $87.36 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. The firm’s 50-day moving average price is $40.60 and its two-hundred day moving average price is $37.76. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping 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 analysts’ expectations of $4.28 billion. During the same quarter last year, the company earned $0.51 earnings per share. Sell-side analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a dividend of $0.669 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.54%. Enbridge’s payout ratio is presently 134.01%.

Institutional Investors Weigh In On Enbridge

Large investors have recently made changes to their positions in the company. Richardson Financial Services Inc. increased its holdings in shares of Enbridge by 28.4% during the third quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock worth $45,000 after buying an additional 246 shares in the last quarter. First PREMIER Bank lifted its position in 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 buying an additional 257 shares in the last quarter. Grove Bank & Trust increased its position in Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. MFA Wealth Advisors LLC raised its stake in shares of Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 280 shares during the last quarter. Finally, Rockwood Wealth Management LLC grew its stake in shares of Enbridge by 2.6% during the second quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 285 shares during the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

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.