Enbridge Inc (NYSE:ENB) Sees Large Decline in Short Interest

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the recipient of a significant decline in short interest during the month of May. As of May 29th, there was short interest totaling 24,440,972 shares, a decline of 49.0% from the May 14th total of 47,958,151 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily trading volume, of 5,113,579 shares, the days-to-cover ratio is presently 4.8 days.

Analyst Ratings Changes

ENB has been the topic of a number of research analyst reports. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a report on Tuesday, February 17th. TD Securities lowered shares of Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, Enbridge has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Trading Up 0.0%

Shares of Enbridge stock opened at $56.49 on Friday. The firm has a 50-day simple moving average of $54.83 and a two-hundred day simple moving average of $51.64. The company has a market cap of $123.35 billion, a P/E ratio of 26.52 and a beta of 0.58. Enbridge has a fifty-two week low of $43.59 and a fifty-two week high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same quarter in the prior year, the firm posted $1.03 earnings per share. As a group, equities analysts predict that Enbridge will post 2.18 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.9%. Enbridge’s dividend payout ratio is 133.80%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Triumph Capital Management acquired a new position in shares of Enbridge in the third quarter worth about $26,000. Turning Point Benefit Group Inc. acquired a new position in shares of Enbridge in the third quarter worth about $28,000. Inspire Investing LLC acquired a new position in shares of Enbridge during the 4th quarter worth about $29,000. Garner Asset Management Corp acquired a new position in shares of Enbridge during the 4th quarter worth about $30,000. Finally, Imprint Wealth LLC acquired a new position in shares of Enbridge during the 3rd quarter worth about $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.