Enbridge (NYSE:ENB) Upgraded to “Hold” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) to a hold rating in a report released on Wednesday morning,Zacks reports.

Other equities analysts also recently issued reports about the stock. Scotiabank raised shares of Enbridge to a “strong-buy” rating in a research note on Thursday, September 17th. TD Securities assumed coverage on Enbridge in a research report on Monday, September 14th. They issued a “buy” rating for the company. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, August 19th. Raymond James Financial reaffirmed a “market perform” rating on shares of Enbridge in a research note on Tuesday, September 15th. Finally, Wolfe Research set a $50.00 price objective on Enbridge in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.88.

Enbridge Stock Performance

Shares of ENB stock opened at $46.26 on Wednesday. The firm has a market capitalization of $103.10 billion, a price-to-earnings ratio of 24.74, a PEG ratio of 5.50 and a beta of 0.60. The stock has a fifty day moving average of $50.43 and a 200 day moving average of $53.30. Enbridge has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share (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 period in the previous year, the firm earned $0.65 EPS. As a group, research analysts expect that Enbridge will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a C$0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 8.4%. The ex-dividend date was Friday, August 14th. Enbridge’s dividend payout ratio is currently 147.06%.

Hedge Funds Weigh In On Enbridge

Hedge funds have recently added to or reduced their stakes in the company. QRG Capital Management Inc. lifted its position in Enbridge by 11.8% in the 2nd quarter. QRG Capital Management Inc. now owns 28,118 shares of the pipeline company’s stock valued at $1,524,000 after acquiring an additional 2,978 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Enbridge by 0.7% in the second quarter. Envestnet Asset Management Inc. now owns 3,844,716 shares of the pipeline company’s stock worth $208,427,000 after purchasing an additional 26,591 shares during the last quarter. Wellington Altus USA Inc. lifted its holdings in shares of Enbridge by 10.2% during the second quarter. Wellington Altus USA Inc. now owns 14,768 shares of the pipeline company’s stock valued at $848,000 after purchasing an additional 1,367 shares in the last quarter. Smith Chas P & Associates PA Cpas boosted its position in shares of Enbridge by 11.2% during the second quarter. Smith Chas P & Associates PA Cpas now owns 5,289 shares of the pipeline company’s stock valued at $287,000 after buying an additional 532 shares during the last quarter. Finally, Core Capital Management & Research inc. bought a new stake in Enbridge in the 2nd quarter worth about $66,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

About Enbridge

Enbridge Inc (NYSE: ENB) is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge’s liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.