Enbridge (NYSE:ENB) Trading Down 2% – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB) shares fell 2% during mid-day trading on Wednesday . The company traded as low as $39.80 and last traded at $40.25. 1,080,501 shares were traded during trading, a decline of 76% from the average session volume of 4,426,639 shares. The stock had previously closed at $41.09.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ENB shares. Citigroup began coverage on shares of Enbridge in a report on Friday, April 4th. They issued a “buy” rating on the stock. TD Securities began coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Finally, Royal Bank of Canada increased their price objective on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Enbridge Trading Up 3.5 %

The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $94.31 billion, a PE ratio of 25.16, a price-to-earnings-growth ratio of 3.92 and a beta of 0.80. The stock’s 50 day moving average is $43.15 and its two-hundred day moving average is $42.64.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.23. The firm 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. As a group, sell-side analysts predict that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ENB. apricus wealth LLC boosted its position in Enbridge by 1.1% during the fourth quarter. apricus wealth LLC now owns 20,615 shares of the pipeline company’s stock valued at $875,000 after purchasing an additional 220 shares in the last quarter. Cornerstone Wealth Management LLC boosted its holdings in shares of Enbridge by 0.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 29,503 shares of the pipeline company’s stock valued at $1,252,000 after buying an additional 227 shares in the last quarter. Armstrong Advisory Group Inc. grew its position in shares of Enbridge by 3.2% in the 4th quarter. Armstrong Advisory Group Inc. now owns 7,508 shares of the pipeline company’s stock worth $319,000 after buying an additional 230 shares during the last quarter. Wintrust Investments LLC lifted its position in Enbridge by 47.8% during the fourth quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 238 shares during the last quarter. Finally, Eagle Bay Advisors LLC lifted its position in Enbridge by 10.6% during the fourth quarter. Eagle Bay Advisors LLC now owns 2,507 shares of the pipeline company’s stock valued at $106,000 after acquiring an additional 240 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

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.