Enbridge Energy Management (NYSE:EEQ) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Enbridge Energy Management is a Delaware limited liability company. They manage and control the business and affairs of Enbridge Partners. They have no assets or operations other than those related to their interest in Enbridge Partners. “
A number of other research analysts have also recently issued reports on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $21.00 target price on shares of Enbridge Energy Management in a research note on Monday, October 30th. ValuEngine cut shares of Enbridge Energy Management from a “hold” rating to a “sell” rating in a research note on Sunday, December 31st. Bank of America started coverage on shares of Enbridge Energy Management in a research note on Tuesday, January 9th. They issued an “underperform” rating and a $14.00 target price for the company. Finally, Morgan Stanley cut shares of Enbridge Energy Management from an “equal weight” rating to an “underweight” rating in a research note on Thursday, January 11th. Four analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. Enbridge Energy Management presently has a consensus rating of “Sell” and an average price target of $17.50.
Hedge funds have recently bought and sold shares of the stock. Cedar Wealth Management LLC bought a new position in Enbridge Energy Management in the 3rd quarter worth approximately $104,000. Saratoga Research & Investment Management bought a new position in Enbridge Energy Management in the 3rd quarter worth approximately $104,000. Quantbot Technologies LP bought a new position in Enbridge Energy Management in the 2nd quarter worth approximately $113,000. M&T Bank Corp raised its position in Enbridge Energy Management by 1.9% in the 2nd quarter. M&T Bank Corp now owns 10,555 shares of the oil and gas producer’s stock worth $163,000 after purchasing an additional 201 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in Enbridge Energy Management by 87.8% in the 2nd quarter. D.A. Davidson & CO. now owns 12,326 shares of the oil and gas producer’s stock worth $189,000 after purchasing an additional 5,761 shares during the last quarter. Hedge funds and other institutional investors own 74.57% of the company’s stock.
About Enbridge Energy Management
Enbridge Energy Management, LLC is a limited partner of Enbridge Energy Partners, L.P. (the Partnership). The Company owns i-units, a special class of the Partnership’s limited partner interests. The Company manages the business of the Partnership. The Partnership owns and operates crude oil and liquid petroleum transportation and storage assets, and natural gas gathering, treating, processing, transportation and marketing assets in the United States.
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