Enbridge Inc (NYSE:ENB) Short Interest Down 49.0% in May

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the recipient of a significant decline in short interest during the month of May. As of May 29th, there was short interest totaling 24,440,972 shares, a decline of 49.0% from the May 14th total of 47,958,151 shares. Currently, 1.1% of the company’s stock are short sold. Based on an average daily volume of 5,113,579 shares, the days-to-cover ratio is presently 4.8 days.

Analysts Set New Price Targets

ENB has been the subject of several recent analyst reports. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday. Citigroup restated a “buy” rating on shares of Enbridge in a research note on Thursday, February 19th. TD Securities cut Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Scotiabank restated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Enbridge presently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Performance

NYSE ENB traded down $0.56 on Monday, reaching $55.94. The stock had a trading volume of 3,178,107 shares, compared to its average volume of 4,222,230. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. Enbridge has a 12-month low of $43.59 and a 12-month high of $58.45. The business’s 50-day moving average price is $54.87 and its 200 day moving average price is $51.73. The stock has a market cap of $122.15 billion, a P/E ratio of 26.26 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The company had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. As a group, equities analysts expect that Enbridge will post 2.18 earnings per share for the current year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 6.9%. Enbridge’s payout ratio is currently 133.80%.

Institutional Investors Weigh In On Enbridge

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Triumph Capital Management purchased a new stake in Enbridge in the third quarter valued at approximately $26,000. Turning Point Benefit Group Inc. purchased a new stake in Enbridge in the third quarter valued at approximately $28,000. Inspire Investing LLC purchased a new stake in Enbridge in the fourth quarter valued at approximately $29,000. Imprint Wealth LLC purchased a new stake in shares of Enbridge during the third quarter worth approximately $31,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Enbridge during the fourth quarter worth approximately $30,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.