Enbridge Inc (NYSE:ENB) Short Interest Down 49.0% in May

Enbridge Inc (NYSE:ENB) (TSE:ENB) saw a significant drop in short interest in May. As of May 29th, there was short interest totaling 24,440,972 shares, a drop of 49.0% from the May 14th total of 47,958,151 shares. Based on an average daily trading volume, of 5,113,579 shares, the short-interest ratio is presently 4.8 days. Approximately 1.1% of the shares of the stock are short sold.

Enbridge Trading Up 0.0%

NYSE ENB traded up $0.03 during mid-day trading on Friday, reaching $56.49. 3,148,754 shares of the stock were exchanged, compared to its average volume of 4,258,934. Enbridge has a 1-year low of $43.59 and a 1-year high of $58.45. The business’s fifty day simple moving average is $54.83 and its 200 day simple moving average is $51.64. The stock has a market capitalization of $123.35 billion, a PE ratio of 26.52 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The firm had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. During the same quarter last year, the business earned $1.03 earnings per share. On average, research analysts anticipate that Enbridge will post 2.18 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 6.9%. Enbridge’s dividend payout ratio (DPR) is 133.80%.

Hedge Funds Weigh In On Enbridge

A number of large investors have recently bought and sold shares of ENB. Triumph Capital Management purchased a new position in Enbridge during the third quarter worth approximately $26,000. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the third quarter worth approximately $28,000. Inspire Investing LLC purchased a new position in Enbridge during the fourth quarter worth approximately $29,000. Garner Asset Management Corp purchased a new position in Enbridge during the fourth quarter worth approximately $30,000. Finally, Imprint Wealth LLC purchased a new position in Enbridge during the third quarter worth approximately $31,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of research analyst reports. Royal Bank Of Canada increased their target price on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Citigroup reiterated a “buy” rating on shares of Enbridge in a research report on Thursday, February 19th. Finally, Raymond James Financial upgraded shares of Enbridge to a “moderate buy” rating in a research report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

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.