Enbridge Inc. (NYSE: ENB) sees sharp increase in overdraft interest
Enbridge Inc. (NYSE: ENB) (TSE: ENB) was the target of significant growth in short interest during the month of November. As of November 15, there was short interest totaling 52,310,000 shares, an increase of 520.5% from the total of 8,430,000 shares as of October 31. Based on an average trading volume of 4,200,000 shares, the short-term interest rate is currently 12.5 days. About 2.6% of the company’s shares are sold short.
ENB has been the subject of a number of recent research reports. Goldman Sachs Group raised its price target for Enbridge shares from C $ 41.00 to C $ 43.00 and gave the company a “neutral” rating in a research report on Monday, September 13. Wells Fargo & Company raised its target price on Enbridge shares from $ 53.00 to $ 56.00 and rated the stock “overweight” in a research report released on Wednesday, September 29. BMO Capital Markets raised its price target for Enbridge shares from C $ 55.00 to C $ 57.00 and assigned the stock a “superior yield” rating in a research note on Wednesday 8 September. Credit Suisse Group downgraded Enbridge shares from an “outperformance” rating to a “neutral” rating and set a price target of $ 56.00 for the company. in a research note on Monday, October 25. Finally, National Bank Financial raised its price target for Enbridge shares from C $ 51.00 to C $ 54.00 and assigned the stock an “outperformance” rating in a research note on Monday. November 8. Four investment analysts rated the stock with a conservation rating and ten gave the stock a buy rating. Based on MarketBeat data, the company currently has an average rating of “Buy” and a consensus target price of $ 53.07.
Enbridge stock traded down $ 0.91 during trading hours on Friday, reaching $ 38.99. 4,829,399 shares of the company were traded, for an average volume of 4,321,690. The company has a market capitalization of $ 78.99 billion, a price / earnings ratio of 17.56, a PEG ratio of 3. 02 and a beta of 0.84. The company has a current ratio of 0.55, a quick ratio of 0.46, and a debt ratio of 1.14. The stock has a 50-day moving average of $ 41.13 and a 200-day moving average of $ 40.01. Enbridge has a 12-month low of $ 31.11 and a 12-month high of $ 43.35.
Enbridge (NYSE: ENB) (TSE: ENB) last reported its results on Friday, November 5. The pipeline company reported earnings per share (EPS) of $ 0.47 for the quarter, beating analyst consensus estimates of $ 0.46 by $ 0.01. The company posted revenue of $ 9.11 billion in the quarter, compared to $ 9.68 billion expected by analysts. Enbridge had a return on equity of 9.76% and a net margin of 13.47%. In the same quarter of the previous year, the company achieved earnings per share of $ 0.36. As a group, research analysts predict that Enbridge will post 2.2 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 1. Shareholders of record on Monday, November 15 will receive a dividend of $ 0.674 per share. The ex-dividend date is Friday, November 12. This represents a dividend of $ 2.70 on an annualized basis and a yield of 6.91%. This is an increase from Enbridge’s previous quarterly dividend of $ 0.66. Enbridge’s dividend payout ratio is currently 120.27%.
Several institutional investors and hedge funds have recently bought and sold shares in the company. Patriot Financial Group Insurance Agency LLC increased its position in Enbridge shares by 22.3% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 34,199 shares of the pipeline company valued at $ 1,361,000 after acquiring an additional 6,241 shares during the period. Consolidated Planning Corp purchased a new stake in Enbridge shares in the third quarter valued at approximately $ 25,000. Wealth Quarterback LLC increased its position in Enbridge shares by 70.5% in the third quarter. Wealth Quarterback LLC now owns 13,364 shares of the pipeline company valued at $ 291,000 after acquiring 5,524 additional shares during the period. Captrust Financial Advisors increased its position in Enbridge shares by 63.7% in the third quarter. Captrust Financial Advisors now owns 242,346 shares of the pipeline company valued at $ 9,647,000 after acquiring an additional 94,289 shares during the period. Finally, Cetera Investment Advisers strengthened its position in Enbridge equities by 5.0% in the third quarter. Cetera Investment Advisers now owns 102,760 shares of the pipeline company valued at $ 4,093,000 after acquiring an additional 4,930 shares during the period. 47.95% of the shares are held by institutional investors.
Enbridge, Inc is engaged in the supply of oil and gas companies. It operates in the following segments: liquids pipelines, gas distribution and storage, gas transmission and intermediary, renewable energy production and energy services. The Liquids Pipeline segment includes pipelines and terminals for the public and contractual transportation of crude oil, natural gas liquids and refined products in Canada and the United States, including the mainline in Canada, the regional network of oil sands, the Southern Lights pipeline, the Spearhead pipeline, the Seaway crude pipeline interest and other feeder lines.
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