Traders Purchase High Volume of Enbridge Put Options (NYSE:ENB)

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of unusually large options trading activity on Wednesday. Investors acquired 20,216 put options on the stock. This represents an increase of approximately 1,036% compared to the typical volume of 1,779 put options.

Enbridge Price Performance

Shares of NYSE:ENB opened at $53.36 on Thursday. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.70. The company has a market cap of $116.52 billion, a P/E ratio of 23.20 and a beta of 0.63. Enbridge has a 52 week low of $43.59 and a 52 week high of $55.44. The company has a 50-day moving average price of $53.47 and a 200 day moving average price of $49.88.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. The firm had revenue of $17.18 billion during the quarter, compared to the consensus estimate of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same quarter last year, the firm earned $0.75 earnings per share. Research analysts predict that Enbridge will post 2.22 earnings per share for the current year.

Institutional Investors Weigh In On Enbridge

A number of hedge funds have recently added to or reduced their stakes in the company. PFG Investments LLC lifted its position in Enbridge by 0.9% in the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 202 shares during the period. MIdWestOne Financial Group Inc. lifted its position in Enbridge by 4.3% in the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock valued at $235,000 after purchasing an additional 203 shares during the period. Sumitomo Life Insurance Co. lifted its position in Enbridge by 1.1% in the fourth quarter. Sumitomo Life Insurance Co. now owns 18,621 shares of the pipeline company’s stock valued at $891,000 after purchasing an additional 205 shares during the period. Arete Wealth Advisors LLC lifted its position in Enbridge by 4.4% in the fourth quarter. Arete Wealth Advisors LLC now owns 4,914 shares of the pipeline company’s stock valued at $235,000 after purchasing an additional 208 shares during the period. Finally, Blue Fin Capital Inc. lifted its position in Enbridge by 1.3% in the fourth quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company’s stock valued at $767,000 after purchasing an additional 213 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on ENB shares. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Royal Bank Of Canada increased their target price on shares of Enbridge from $72.00 to $76.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 17th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research note on Tuesday, February 17th. TD Securities downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Saturday, April 4th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.00.

About Enbridge

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.