Investors Buy Enbridge Inc. (ENB) on Weakness
Traders bought shares of Enbridge Inc. (NYSE:ENB) on weakness during trading hours on Friday. $8.66 million flowed into the stock on the tick-up and $6.04 million flowed out of the stock on the tick-down, for a money net flow of $2.62 million into the stock. Of all equities tracked, Enbridge had the 13th highest net in-flow for the day. Enbridge traded down ($0.07) for the day and closed at $41.32
ENB has been the topic of a number of research reports. Zacks Investment Research upgraded Enbridge from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 29th. TD Securities reaffirmed a “buy” rating and issued a $58.00 target price (up previously from $55.00) on shares of Enbridge in a research note on Saturday, May 14th. FirstEnergy Capital lowered Enbridge from an “outperform” rating to a “market perform” rating and upped their target price for the company from $23.00 to $55.00 in a research note on Friday, May 20th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of Enbridge in a research note on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $59.83.
The firm has a market cap of $38.39 billion and a P/E ratio of 29.73. The firm has a 50-day moving average price of $41.50 and a 200 day moving average price of $37.47.
Enbridge (NYSE:ENB) last released its quarterly earnings results on Thursday, May 12th. The company reported $0.76 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.13. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the firm posted $0.56 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Enbridge Inc. will post $2.31 earnings per share for the current year.
Several hedge funds and institutional investors recently bought and sold shares of ENB. I.G. Investment Management LTD. raised its position in Enbridge by 7.1% in the fourth quarter. I.G. Investment Management LTD. now owns 10,634,031 shares of the company’s stock worth $353,701,000 after buying an additional 707,216 shares in the last quarter. Wells Fargo & Company MN raised its position in Enbridge by 17.3% in the fourth quarter. Wells Fargo & Company MN now owns 327,851 shares of the company’s stock worth $10,881,000 after buying an additional 48,469 shares in the last quarter. Gulf International Bank UK Ltd raised its position in Enbridge by 1.7% in the fourth quarter. Gulf International Bank UK Ltd now owns 251,729 shares of the company’s stock worth $8,374,000 after buying an additional 4,300 shares in the last quarter. Reaves W H & Co. Inc. raised its position in Enbridge by 19.1% in the fourth quarter. Reaves W H & Co. Inc. now owns 103,965 shares of the company’s stock worth $3,451,000 after buying an additional 16,650 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Enbridge by 7.1% in the fourth quarter. Vanguard Group Inc. now owns 13,785,421 shares of the company’s stock worth $457,538,000 after buying an additional 916,736 shares in the last quarter.
Enbridge Inc (Enbridge) is an energy transportation and distribution company. The Company operates through five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. The Company operates the crude oil and liquids transportation system in Canada and the United States.
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