Enbridge (NYSE:ENB) Upgraded to Hold at Zacks Research

Enbridge (NYSE:ENB) (TSE:ENB) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on ENB. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. CIBC downgraded Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Finally, Scotiabank restated a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.00.

Enbridge Price Performance

Enbridge stock opened at $48.03 on Monday. The stock’s 50 day moving average is $47.57 and its 200 day moving average is $47.22. Enbridge has a one year low of $39.73 and a one year high of $50.54. The firm has a market cap of $104.77 billion, a P/E ratio of 26.39 and a beta of 0.68. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.80 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The firm had revenue of $7 billion for the quarter, compared to analyst estimates of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same period in the prior year, the company posted $0.55 EPS. As a group, research analysts expect that Enbridge will post 2.14 EPS for the current year.

Institutional Investors Weigh In On Enbridge

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank bought a new position in Enbridge in the 2nd quarter valued at about $1,113,368,000. Bank of Nova Scotia raised its stake in shares of Enbridge by 118.0% in the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after purchasing an additional 5,157,030 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Enbridge by 38.7% in the second quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after purchasing an additional 3,687,334 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Enbridge by 3.5% during the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after buying an additional 3,217,961 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Enbridge by 20.2% during the second quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after buying an additional 2,989,992 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

About Enbridge

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.