Enbridge (NYSE:ENB) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Enbridge (NYSE:ENB) (TSE:ENB) from a strong-buy rating to a hold rating in a research note released on Wednesday,Zacks.com reports.

Several other research analysts also recently weighed in on ENB. Argus lifted their target price on Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday, September 13th. Finally, Jefferies Financial Group upgraded Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge has an average rating of “Moderate Buy” and a consensus price target of $60.50.

Enbridge Trading Up 0.8%

NYSE:ENB opened at $49.49 on Wednesday. The stock’s 50 day moving average price is $47.14 and its 200 day moving average price is $45.60. Enbridge has a 52-week low of $39.73 and a 52-week high of $49.55. The company has a market capitalization of $107.93 billion, a PE ratio of 24.38, a P/E/G ratio of 4.49 and a beta of 0.80. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. During the same period last year, the business posted $0.58 EPS. On average, research analysts anticipate that Enbridge will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a $0.6839 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge’s dividend payout ratio (DPR) is presently 134.98%.

Institutional Investors Weigh In On Enbridge

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. IHT Wealth Management LLC grew its position in shares of Enbridge by 1.2% in the second quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock valued at $820,000 after purchasing an additional 213 shares during the period. South Plains Financial Inc. grew its position in shares of Enbridge by 13.2% in the second quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company’s stock valued at $85,000 after purchasing an additional 220 shares during the period. IFP Advisors Inc grew its position in shares of Enbridge by 1.2% in the second quarter. IFP Advisors Inc now owns 18,217 shares of the pipeline company’s stock valued at $826,000 after purchasing an additional 221 shares during the period. Capital Investment Counsel Inc grew its position in shares of Enbridge by 3.1% in the first quarter. Capital Investment Counsel Inc now owns 7,527 shares of the pipeline company’s stock valued at $333,000 after purchasing an additional 223 shares during the period. Finally, New England Capital Financial Advisors LLC grew its position in shares of Enbridge by 21.0% in the second quarter. New England Capital Financial Advisors LLC now owns 1,285 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 223 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.