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

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s stock price was down 0.6% during trading on Wednesday . The stock traded as low as $42.65 and last traded at $42.72. Approximately 547,913 shares changed 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 research firms recently weighed in on ENB. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Morgan Stanley initiated coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating on the stock. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th.

Enbridge Trading Up 1.6 %

The firm has a market cap of $94.65 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 4.18 and a beta of 0.93. The business has a 50 day moving average of $41.34 and a 200 day moving average of $38.62. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The business 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 quarter in the previous year, the business posted $0.46 earnings per share. On average, research analysts forecast that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be paid a $0.676 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 annualized dividend and a yield of 6.22%. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s dividend payout ratio is presently 121.76%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. TruNorth Capital Management LLC acquired a new position in Enbridge during the second quarter worth approximately $28,000. William B. Walkup & Associates Inc. acquired a new stake in shares of Enbridge during the 2nd quarter worth $28,000. McIlrath & Eck LLC raised its position in shares of Enbridge by 74.9% in the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after buying an additional 295 shares during the period. Ameritas Investment Partners Inc. acquired a new position in Enbridge in the first quarter valued at $29,000. Finally, Grove Bank & Trust grew its position in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

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.