Short Interest in Enbridge Inc. (NYSE:ENB) Decreases By 40.5%

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was the target of a significant decrease in short interest during the month of March. As of March 15th, there was short interest totalling 20,490,000 shares, a decrease of 40.5% from the February 28th total of 34,450,000 shares. Based on an average daily trading volume, of 3,910,000 shares, the days-to-cover ratio is currently 5.2 days. Approximately 0.9% of the company’s stock are sold short.

Institutional Investors Weigh In On Enbridge

Several hedge funds and other institutional investors have recently bought and sold shares of ENB. McIlrath & Eck LLC increased its holdings in shares of Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after buying an additional 295 shares during the last quarter. Albion Financial Group UT acquired a new stake in Enbridge during the fourth quarter worth $29,000. Wintrust Investments LLC increased its stake in Enbridge by 47.8% during the fourth quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 238 shares during the last quarter. GeoWealth Management LLC raised its position in Enbridge by 436.4% in the fourth quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 611 shares during the period. Finally, Capital A Wealth Management LLC acquired a new position in shares of Enbridge in the 4th quarter valued at $39,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

NYSE ENB traded up $0.07 during mid-day trading on Friday, reaching $44.43. 2,281,331 shares of the stock were exchanged, compared to its average volume of 4,410,981. Enbridge has a 1 year low of $32.86 and a 1 year high of $45.78. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55. The business’s 50 day moving average is $43.49 and its 200-day moving average is $42.47. The company has a market capitalization of $96.82 billion, a P/E ratio of 25.83, a P/E/G ratio of 3.92 and a beta of 0.95.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same quarter in the prior year, the company earned $0.64 EPS. On average, equities research analysts forecast that Enbridge will post 2.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. CIBC reiterated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Royal Bank of Canada raised their price target on shares of Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Finally, TD Securities started coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Enbridge currently has an average rating of “Moderate Buy” and an average target price of $67.00.

About Enbridge

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.