Enbridge (ENB) Price Target Lowered to $34.00 at Morgan Stanley

Enbridge (NYSE:ENB) (TSE:ENB) had its price objective decreased by Morgan Stanley from $38.00 to $34.00 in a research note released on Friday. Morgan Stanley currently has an equal weight rating on the pipeline company’s stock.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity restated a buy rating and set a $54.00 price target on shares of Enbridge in a report on Thursday, November 30th. Zacks Investment Research upgraded Enbridge from a sell rating to a hold rating in a report on Monday, December 4th. Finally, Bank of America assumed coverage on Enbridge in a report on Tuesday, January 9th. They issued a neutral rating for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $43.67.

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Enbridge (NYSE ENB) traded down $0.72 during midday trading on Friday, reaching $29.91. The company’s stock had a trading volume of 3,651,073 shares, compared to its average volume of 3,879,685. The stock has a market cap of $51,923.67, a PE ratio of 21.52, a PEG ratio of 1.93 and a beta of 0.66. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.63 and a quick ratio of 0.53. Enbridge has a fifty-two week low of $29.69 and a fifty-two week high of $42.92.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 16th. The pipeline company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.06. The business had revenue of $10.15 billion during the quarter, compared to analysts’ expectations of $9.39 billion. Enbridge had a return on equity of 5.47% and a net margin of 6.56%. equities analysts predict that Enbridge will post 1.77 EPS for the current fiscal year.

In related news, insider Robert R. Rooney bought 6,100 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was purchased at an average price of $40.80 per share, for a total transaction of $248,880.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Michael E. J. Phelps sold 18,054 shares of Enbridge stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $34.00, for a total value of $613,836.00. Following the completion of the transaction, the director now owns 56,245 shares of the company’s stock, valued at approximately $1,912,330. The disclosure for this sale can be found here.

Hedge funds have recently modified their holdings of the stock. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its stake in shares of Enbridge by 3.6% during the 4th quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 305,430 shares of the pipeline company’s stock worth $12,033,000 after acquiring an additional 10,519 shares during the last quarter. DAVENPORT & Co LLC lifted its stake in shares of Enbridge by 38.2% during the 4th quarter. DAVENPORT & Co LLC now owns 1,321,105 shares of the pipeline company’s stock worth $51,668,000 after acquiring an additional 365,415 shares during the last quarter. Capital International Investors lifted its stake in shares of Enbridge by 7.8% during the 3rd quarter. Capital International Investors now owns 41,164,593 shares of the pipeline company’s stock worth $1,721,048,000 after acquiring an additional 2,984,467 shares during the last quarter. Capital City Trust Co. FL lifted its stake in shares of Enbridge by 19.9% during the 4th quarter. Capital City Trust Co. FL now owns 22,936 shares of the pipeline company’s stock worth $959,000 after acquiring an additional 3,804 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Enbridge by 593.2% during the 4th quarter. BNP Paribas Arbitrage SA now owns 817,195 shares of the pipeline company’s stock worth $32,137,000 after acquiring an additional 699,313 shares during the last quarter. 63.20% of the stock is owned by hedge funds and other institutional investors.

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Enbridge Company Profile

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

Analyst Recommendations for Enbridge (NYSE:ENB)

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