GMP Securities Lowers Enbridge Inc (ENB) to Hold

GMP Securities cut shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) from a buy rating to a hold rating in a research note issued to investors on Tuesday, October 17th, The Fly reports.

ENB has been the subject of several other research reports. J P Morgan Chase & Co reiterated a neutral rating on shares of Enbridge in a research report on Friday, June 23rd. Morgan Stanley reissued an equal weight rating and set a $44.00 price objective (down previously from $45.00) on shares of Enbridge in a research note on Friday, July 14th. Zacks Investment Research lowered shares of Enbridge from a hold rating to a sell rating in a research note on Tuesday, July 11th. Finally, BidaskClub raised shares of Enbridge from a strong sell rating to a sell rating in a research note on Saturday, June 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Enbridge has an average rating of Hold and an average price target of $56.00.

Shares of Enbridge (NYSE ENB) opened at 38.42 on Tuesday. Enbridge has a 1-year low of $37.37 and a 1-year high of $44.52. The firm has a market capitalization of $63.23 billion, a price-to-earnings ratio of 30.16 and a beta of 0.65. The company’s 50-day moving average is $40.95 and its 200 day moving average is $40.46.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.05). Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. On average, analysts expect that Enbridge will post $1.60 EPS for the current fiscal year.

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Institutional investors and hedge funds have recently made changes to their positions in the business. Monroe Bank & Trust MI bought a new position in Enbridge in the first quarter valued at approximately $105,000. NEXT Financial Group Inc lifted its stake in Enbridge by 17.7% in the second quarter. NEXT Financial Group Inc now owns 2,731 shares of the pipeline company’s stock valued at $109,000 after buying an additional 411 shares in the last quarter. First Personal Financial Services lifted its stake in Enbridge by 16.4% in the second quarter. First Personal Financial Services now owns 2,825 shares of the pipeline company’s stock valued at $112,000 after buying an additional 397 shares in the last quarter. Welch Group LLC bought a new position in Enbridge in the second quarter valued at approximately $121,000. Finally, San Francisco Sentry Investment Group CA bought a new position in Enbridge in the second quarter valued at approximately $159,000. 61.64% of the stock is currently owned by hedge funds and other institutional investors.

About Enbridge

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

The Fly

Analyst Recommendations for Enbridge (NYSE:ENB)

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