Short Interest in Enbridge Inc. (NYSE:ENB) Drops By 55.3%

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was the target of a significant drop in short interest during the month of February. As of February 28th, there was short interest totalling 34,450,000 shares, a drop of 55.3% from the February 13th total of 77,060,000 shares. Based on an average daily volume of 4,210,000 shares, the days-to-cover ratio is currently 8.2 days. Approximately 1.6% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. TD Securities assumed coverage on Enbridge in a report on Wednesday, January 15th. They set a “buy” rating on the stock. CIBC restated an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Finally, Royal Bank of Canada lifted their target price on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Enbridge currently has an average rating of “Moderate Buy” and an average price target of $67.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. increased its position in shares of Enbridge by 30.5% during the third quarter. Assetmark Inc. now owns 54,542 shares of the pipeline company’s stock worth $2,215,000 after acquiring an additional 12,743 shares during the last quarter. Versor Investments LP increased its position in shares of Enbridge by 9.5% during the third quarter. Versor Investments LP now owns 9,200 shares of the pipeline company’s stock worth $374,000 after acquiring an additional 800 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of Enbridge by 13.3% during the third quarter. Apollon Wealth Management LLC now owns 56,893 shares of the pipeline company’s stock worth $2,311,000 after acquiring an additional 6,683 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of Enbridge during the third quarter worth about $624,000. Finally, Souders Financial Advisors purchased a new stake in shares of Enbridge during the third quarter worth about $201,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Trading Up 0.7 %

Enbridge stock traded up $0.31 during midday trading on Friday, reaching $42.86. The stock had a trading volume of 2,041,656 shares, compared to its average volume of 4,301,787. The stock’s 50-day simple moving average is $43.45 and its 200 day simple moving average is $42.20. The stock has a market capitalization of $93.38 billion, a PE ratio of 24.92, a price-to-earnings-growth ratio of 3.92 and a beta of 0.95. Enbridge has a twelve month low of $32.85 and a twelve month high of $45.78. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion for the quarter, compared to analysts’ expectations 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 firm posted $0.64 earnings per share. Analysts expect that Enbridge will post 2.14 EPS for the current year.

About Enbridge

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.