Enbridge (NYSE:ENB) Stock Price Down 2% – Here’s Why

Shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) dropped 2% during trading on Wednesday . The stock traded as low as $39.80 and last traded at $40.25. Approximately 1,080,501 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,426,639 shares. The stock had previously closed at $41.09.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ENB shares. Royal Bank of Canada raised their target price on shares of Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Citigroup assumed coverage on Enbridge in a research note on Friday, April 4th. They set a “buy” rating for the company. Finally, TD Securities began coverage on Enbridge in a report on Wednesday, January 15th. They set a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Enbridge has an average rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Trading Up 0.8 %

The stock’s fifty day moving average is $43.26 and its 200 day moving average is $42.64. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55. The stock has a market cap of $90.24 billion, a P/E ratio of 24.08, a P/E/G ratio of 3.92 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.23. The firm had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, equities research analysts predict that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enbridge

Several hedge funds have recently added to or reduced their stakes in the company. McIlrath & Eck LLC grew its stake in shares of Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after buying an additional 295 shares during the last quarter. Albion Financial Group UT purchased a new stake in Enbridge in the fourth quarter worth $29,000. Wintrust Investments LLC increased its stake in Enbridge by 47.8% in the fourth quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 238 shares during the period. GeoWealth Management LLC boosted its stake in shares of Enbridge by 436.4% during the fourth quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 611 shares during the period. Finally, Capital A Wealth Management LLC bought a new position in shares of Enbridge in the fourth quarter worth about $39,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.