Enbridge (NYSE:ENB) Stock Price Down 2.4% – Here’s What Happened

Enbridge Inc. (NYSE:ENB) (TSE:ENB) dropped 2.4% on Friday . The stock traded as low as $41.94 and last traded at $42.05. Approximately 964,275 shares traded hands during trading, a decline of 80% from the average daily volume of 4,858,582 shares. The stock had previously closed at $43.09.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Morgan Stanley assumed coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th.

Enbridge Stock Performance

The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company’s 50-day moving average is $41.15 and its two-hundred day moving average is $38.43. The firm has a market cap of $91.86 billion, a P/E ratio of 19.53, a PEG ratio of 4.13 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.15. The company had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same quarter in the previous year, the firm earned $0.46 earnings per share. As a group, equities analysts predict that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be given a dividend of $0.676 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.41%. The ex-dividend date is Friday, November 15th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

Institutional Investors Weigh In On Enbridge

A number of institutional investors have recently added to or reduced their stakes in ENB. Richardson Financial Services Inc. boosted its holdings in shares of Enbridge by 28.4% in the 3rd quarter. Richardson Financial Services Inc. now owns 1,112 shares of the pipeline company’s stock worth $45,000 after buying an additional 246 shares during the last quarter. Associated Banc Corp raised its position in Enbridge by 3.6% in the third quarter. Associated Banc Corp now owns 7,091 shares of the pipeline company’s stock worth $288,000 after acquiring an additional 248 shares during the period. Centaurus Financial Inc. boosted its stake in Enbridge by 1.7% in the third quarter. Centaurus Financial Inc. now owns 14,980 shares of the pipeline company’s stock valued at $608,000 after acquiring an additional 256 shares during the last quarter. First PREMIER Bank grew its position in shares of Enbridge by 1.7% during the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock valued at $631,000 after acquiring an additional 257 shares during the period. Finally, Keudell Morrison Wealth Management increased its stake in shares of Enbridge by 1.4% during the 3rd quarter. Keudell Morrison Wealth Management now owns 20,242 shares of the pipeline company’s stock worth $822,000 after purchasing an additional 277 shares during the last quarter. 54.60% of the stock is 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.