Enbridge Inc (NYSE:ENB) Short Interest Down 47.0% in August

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 36,983,779 shares, a decrease of 47.0% from the August 15th total of 69,771,404 shares. Approximately 1.7% of the company’s shares are sold short. Based on an average daily trading volume, of 4,411,912 shares, the days-to-cover ratio is currently 8.4 days.

Trending Headlines about Enbridge

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: BMO upgraded Enbridge Inc. (ENB) to “outperform,” citing the stock’s recent pullback and improved visibility into future growth. The upgrade provides a favorable near-term analyst catalyst, while a separate investor analysis evaluates whether the shares are currently a buy, hold or sell. BMO upgrades Enbridge to outperform
• Positive Sentiment: Enbridge agreed to acquire Blackstone-owned Tallgrass Energy’s crude oil business for $2.55 billion in cash. The transaction adds interests in the Pony Express Pipeline and Powder River Gateway system, as well as approximately 8.4 million barrels of storage, expanding Enbridge’s U.S. liquids footprint and contracted cash-flow base. Enbridge Tallgrass acquisition
• Positive Sentiment: Enbridge launched a non-binding open season for the proposed West Texas Express natural-gas pipeline. If advanced, the project would transport Permian gas from the Waha area toward El Paso and nearby markets, creating potential long-term infrastructure growth. West Texas Express open season
• Neutral Sentiment: Line 5 returned to service after an August leak and subsequent damage, removing a potential operating disruption. The incident may nevertheless keep environmental, safety and regulatory risks in focus. Line 5 returns to service
• Negative Sentiment: Enbridge completed a C$3.0 billion common-share offering, issuing 44.735 million shares, including the underwriters’ overallotment. The capital strengthens funding capacity for acquisitions and projects but increases the share count, creating dilution for existing shareholders. Enbridge equity offering

Enbridge Stock Up 0.5%

Shares of Enbridge stock traded up $0.23 during trading on Tuesday, hitting $48.39. 5,894,101 shares of the stock traded hands, compared to its average volume of 4,927,705. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The stock’s fifty day simple moving average is $52.40 and its 200 day simple moving average is $53.82. The firm has a market cap of $105.69 billion, a P/E ratio of 25.88, a price-to-earnings-growth ratio of 5.64 and a beta of 0.57. Enbridge has a 52-week low of $45.03 and a 52-week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter last year, the firm posted $0.65 EPS. On average, equities analysts predict that Enbridge will post 2.12 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were issued a $0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.0%. Enbridge’s dividend payout ratio (DPR) is currently 147.06%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wolfe Research set a $50.00 price objective on Enbridge in a report on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, August 19th. Royal Bank Of Canada boosted their target price on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. National Bank Financial raised shares of Enbridge from a “sector perform” rating to an “outperform” rating in a research note on Tuesday. Finally, TD Securities began coverage on shares of Enbridge in a research report on Monday. They issued a “buy” rating for the company. Nine research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $71.17.

Institutional Investors Weigh In On Enbridge

A number of hedge funds have recently made changes to their positions in the stock. Retirement Planning Group LLC raised its stake in shares of Enbridge by 3.6% during the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock worth $290,000 after acquiring an additional 187 shares in the last quarter. Bank & Trust Co grew its holdings in Enbridge by 0.6% in the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock worth $1,804,000 after purchasing an additional 193 shares during the last quarter. Cornerstone Wealth Management LLC lifted its holdings in shares of Enbridge by 0.6% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock valued at $1,710,000 after purchasing an additional 194 shares during the last quarter. PFG Investments LLC boosted its position in shares of Enbridge by 0.9% in the 1st quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock worth $1,202,000 after purchasing an additional 202 shares in the last quarter. Finally, Clearwave Capital LLC grew its stake in Enbridge by 0.9% during the 2nd quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company’s stock worth $1,194,000 after buying an additional 204 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company headquartered in Calgary, Alberta. Founded in 1949 as Interprovincial Pipe Line, the company has grown into one of North America’s largest energy delivery businesses, operating primarily in Canada and the United States.

Enbridge’s operations include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas distribution and utility services. Its pipeline systems transport energy products from producing regions to refineries, export facilities, utilities and other customers.