Enbridge Inc (ENB) Sees Large Decline in Short Interest

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of a significant decline in short interest in February. As of February 28th, there was short interest totalling 24,506,277 shares, a decline of 10.7% from the February 15th total of 27,432,950 shares. Based on an average trading volume of 4,255,315 shares, the days-to-cover ratio is presently 5.8 days.

In other Enbridge news, insider Cynthia L. Hansen purchased 801 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were acquired at an average price of $43.93 per share, for a total transaction of $35,187.93. Following the completion of the purchase, the insider now owns 105,423 shares in the company, valued at approximately $4,631,232.39. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Allen C. Capps sold 6,514 shares of the business’s stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $37.02, for a total value of $241,148.28. Following the completion of the transaction, the insider now owns 3,437 shares in the company, valued at approximately $127,237.74. The disclosure for this sale can be found here. In the last quarter, insiders purchased 9,406 shares of company stock worth $459,513. Insiders own 0.48% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Capital International Investors grew its holdings in shares of Enbridge by 74.4% during the third quarter. Capital International Investors now owns 101,014,233 shares of the pipeline company’s stock valued at $3,260,806,000 after purchasing an additional 43,094,629 shares during the last quarter. Vanguard Group Inc grew its holdings in shares of Enbridge by 2.5% during the third quarter. Vanguard Group Inc now owns 48,626,327 shares of the pipeline company’s stock valued at $1,570,144,000 after purchasing an additional 1,184,467 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of Enbridge by 4.1% during the fourth quarter. TD Asset Management Inc. now owns 44,948,053 shares of the pipeline company’s stock valued at $1,395,700,000 after purchasing an additional 1,777,466 shares during the last quarter. Jarislowsky Fraser Ltd grew its holdings in shares of Enbridge by 0.5% during the fourth quarter. Jarislowsky Fraser Ltd now owns 24,607,599 shares of the pipeline company’s stock valued at $764,101,000 after purchasing an additional 131,550 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Enbridge by 7.3% during the fourth quarter. CIBC Asset Management Inc now owns 21,768,519 shares of the pipeline company’s stock valued at $676,429,000 after purchasing an additional 1,473,958 shares during the last quarter. 55.98% of the stock is owned by institutional investors.

Several analysts recently weighed in on ENB shares. Bank of America reissued a “buy” rating on shares of Enbridge in a report on Tuesday, March 5th. UBS Group lowered Enbridge from a “buy” rating to a “neutral” rating in a report on Friday, February 8th. Scotia Howard Weill lowered Enbridge from an “outperform” rating to a “sector perform” rating in a report on Monday, March 4th. Zacks Investment Research lowered Enbridge from a “buy” rating to a “hold” rating in a report on Wednesday, February 6th. Finally, National Bank Financial lowered Enbridge from an “outperform” rating to a “sector perform” rating and set a $35.75 price objective for the company. in a report on Monday, March 4th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $46.46.

Shares of Enbridge stock opened at $37.05 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.58 and a quick ratio of 0.49. The stock has a market capitalization of $74.59 billion, a P/E ratio of 18.07, a PEG ratio of 2.29 and a beta of 0.70. Enbridge has a fifty-two week low of $28.82 and a fifty-two week high of $37.69.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, February 15th. The pipeline company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.04. The company had revenue of $8.75 billion during the quarter, compared to analyst estimates of $12.27 billion. Enbridge had a return on equity of 8.72% and a net margin of 5.64%. During the same period in the prior year, the company earned $0.61 earnings per share. Equities research analysts anticipate that Enbridge will post 1.73 earnings per share for the current fiscal year.

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Enbridge Company Profile

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.

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