Enbridge (NYSE:ENB) Sees Large Volume Increase – Here’s Why

Shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) saw unusually-strong trading volume on Thursday . Approximately 10,789,201 shares were traded during mid-day trading, an increase of 129% from the previous session’s volume of 4,711,618 shares.The stock last traded at $51.3990 and had previously closed at $51.44.

Analyst Upgrades and Downgrades

ENB has been the subject of several recent analyst reports. Wolfe Research set a $50.00 price objective on Enbridge in a research report on Tuesday, August 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. Finally, Raymond James Financial cut shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $67.00.

Enbridge Stock Performance

The company has a market cap of $112.45 billion, a price-to-earnings ratio of 27.54 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The company has a fifty day moving average of $54.88 and a two-hundred day moving average of $53.91.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion during the quarter, compared to analysts’ expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the prior year, the firm earned $0.65 EPS. Equities research analysts anticipate that Enbridge Inc will post 2.1 EPS for the current year.

Enbridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 7.5%. Enbridge’s dividend payout ratio is currently 147.06%.

Institutional Investors Weigh In On Enbridge

A number of institutional investors have recently added to or reduced their stakes in ENB. Vanguard Group Inc. raised its stake in shares of Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares during the last quarter. Deutsche Bank AG bought a new position in Enbridge during the 2nd quarter worth $1,850,502,000. Norges Bank bought a new stake in shares of Enbridge in the 4th quarter valued at about $1,195,559,000. Geode Capital Management LLC boosted its holdings in Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after acquiring an additional 1,415,995 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Enbridge by 18.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock valued at $1,117,353,000 after purchasing an additional 3,205,322 shares during the period. 54.60% of the stock is owned by institutional investors.

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.