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

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

Wall Street Analysts Forecast Growth

ENB has been the topic of several research analyst reports. Wolfe Research set a $50.00 target price on shares of Enbridge in a research report on Tuesday, August 4th. BMO Capital Markets raised shares of Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 target price on the stock in a research note on Monday. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. US Capital Advisors raised Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Finally, Canadian Imperial Bank of Commerce raised Enbridge from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.17.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Arlington Trust Co LLC increased its holdings in Enbridge by 114.6% in the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after buying an additional 267 shares during the last quarter. City Holding Co. lifted its holdings in Enbridge by 121.5% during the 2nd quarter. City Holding Co. now owns 649 shares of the pipeline company’s stock worth $35,000 after buying an additional 356 shares during the last quarter. Steigerwald Gordon & Koch Inc. lifted its holdings in Enbridge by 99.7% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 691 shares of the pipeline company’s stock worth $37,000 after buying an additional 345 shares during the last quarter. Financial Freedom LLC boosted its position in shares of Enbridge by 187.1% during the 1st quarter. Financial Freedom LLC now owns 755 shares of the pipeline company’s stock worth $41,000 after acquiring an additional 492 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new position in shares of Enbridge in the 4th quarter valued at about $38,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 0.5%

NYSE ENB traded up $0.23 during trading on Tuesday, hitting $48.39. The stock had a trading volume of 5,894,101 shares, compared to its average volume of 4,927,705. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $105.69 billion, a PE ratio of 25.88, a PEG ratio of 5.64 and a beta of 0.57. The firm has a 50 day moving average price of $52.40 and a 200 day moving average price of $53.82. Enbridge has a twelve month low of $45.03 and a twelve month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the firm posted $0.65 earnings per share. As a group, equities research analysts forecast that Enbridge will post 2.12 earnings per share for the current year.

Enbridge Announces Dividend

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

Key Stories Impacting 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 Company Profile

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.