Enbridge Energy, L.P. (NYSE:EEP) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Enbridge Energy, L.P. (NYSE:EEP) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday, October 17th.

According to Zacks, “Oil and natural gas transporter Enbridge Energy Partners L.P. has a diversified business portfolio, stable fee-based operating income and a strong liquidity position. Focus on a low risk business profile helps it to optimize returns, as well as generate stable earnings. Additionally, we like Enbridge’s attractive distribution yield and its increased exposure to leading U.S. basins. However, the partnership’s units underperformed the broader industry in the last one year. The partnership’s U.S. L3R Program in Wisconsin and the Canadian L3R Program cost has been revised about 12% above the original estimate at the time the project was approved in 2014. This mainly reflects delays in the regulatory process, changes in scope and route alteration as well as other changes that resulted from the extensive consultation process. Any further delay in starting the project may increase costs.”

A number of other research firms also recently commented on EEP. BidaskClub downgraded shares of Enbridge Energy, L.P. from a sell rating to a strong sell rating in a research note on Thursday, August 3rd. Royal Bank Of Canada reiterated a hold rating and issued a $21.00 target price on shares of Enbridge Energy, L.P. in a research note on Sunday, September 17th. Finally, J P Morgan Chase & Co reiterated a neutral rating and issued a $17.00 target price on shares of Enbridge Energy, L.P. in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. Enbridge Energy, L.P. has a consensus rating of Hold and an average target price of $19.13.

Enbridge Energy, L.P. (NYSE:EEP) traded down $0.24 on Tuesday, hitting $14.66. 1,093,563 shares of the company were exchanged, compared to its average volume of 1,294,063. The company has a market cap of $4,865.10, a PE ratio of 21.91 and a beta of 1.21. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.31 and a current ratio of 0.31. Enbridge Energy, L.P. has a 1-year low of $13.87 and a 1-year high of $26.17.

Enbridge Energy, L.P. (NYSE:EEP) last announced its earnings results on Wednesday, November 1st. The pipeline company reported $0.24 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.24. The firm had revenue of $616.40 million during the quarter, compared to analyst estimates of $637.68 million. Enbridge Energy, L.P. had a net margin of 8.47% and a return on equity of 6.03%. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.09 EPS. research analysts predict that Enbridge Energy, L.P. will post 0.77 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, November 6th. This represents a $1.40 annualized dividend and a dividend yield of 9.55%. Enbridge Energy, L.P.’s dividend payout ratio is 222.23%.

A number of institutional investors have recently modified their holdings of the business. Global X MANAGEMENT CO LLC boosted its position in Enbridge Energy, L.P. by 58.5% in the third quarter. Global X MANAGEMENT CO LLC now owns 1,997,140 shares of the pipeline company’s stock valued at $31,914,000 after buying an additional 737,009 shares in the last quarter. Alps Advisors Inc. lifted its holdings in shares of Enbridge Energy, L.P. by 11.3% during the third quarter. Alps Advisors Inc. now owns 17,488,243 shares of the pipeline company’s stock worth $279,462,000 after purchasing an additional 1,768,827 shares during the period. Cincinnati Insurance Co. lifted its holdings in shares of Enbridge Energy, L.P. by 19.2% during the third quarter. Cincinnati Insurance Co. now owns 122,183 shares of the pipeline company’s stock worth $1,952,000 after purchasing an additional 19,645 shares during the period. Maple Brown Abbott Ltd lifted its holdings in shares of Enbridge Energy, L.P. by 19.1% during the third quarter. Maple Brown Abbott Ltd now owns 1,711,931 shares of the pipeline company’s stock worth $27,357,000 after purchasing an additional 274,200 shares during the period. Finally, Wedbush Securities Inc. bought a new position in Enbridge Energy, L.P. during the third quarter worth $167,000. Hedge funds and other institutional investors own 42.99% of the company’s stock.

Enbridge Energy, L.P. Company Profile

Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.

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Analyst Recommendations for Enbridge Energy, L.P. (NYSE:EEP)

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