Stock Traders Purchase High Volume of Put Options on Enbridge (NYSE:ENB)

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of unusually large options trading on Wednesday. Stock traders acquired 20,216 put options on the stock. This represents an increase of approximately 1,036% compared to the typical volume of 1,779 put options.

Enbridge Stock Performance

Shares of ENB stock opened at $53.87 on Friday. The company’s fifty day moving average price is $49.49 and its 200-day moving average price is $48.54. The stock has a market cap of $117.53 billion, a PE ratio of 23.42 and a beta of 0.67. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70. Enbridge has a 12 month low of $39.73 and a 12 month high of $54.42.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. The company had revenue of $17.18 billion during the quarter, compared to analysts’ expectations of $9.10 billion. During the same period last year, the company posted $0.75 EPS. On average, equities analysts expect that Enbridge will post 2.14 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Raymond James Financial raised Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Royal Bank Of Canada boosted their price objective on shares of Enbridge from $72.00 to $76.00 and gave the company an “outperform” rating in a research report on Tuesday, February 17th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Finally, Weiss Ratings raised shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 9th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.00.

Hedge Funds Weigh In On Enbridge

Several institutional investors and hedge funds have recently modified their holdings of the stock. Brighton Jones LLC purchased a new position in Enbridge in the fourth quarter worth about $261,000. AQR Capital Management LLC raised its stake in shares of Enbridge by 68.5% in the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock worth $1,264,000 after purchasing an additional 11,599 shares during the last quarter. Arkadios Wealth Advisors boosted its position in shares of Enbridge by 20.9% during the second quarter. Arkadios Wealth Advisors now owns 14,264 shares of the pipeline company’s stock valued at $646,000 after buying an additional 2,468 shares during the last quarter. Keybank National Association OH raised its position in Enbridge by 1.8% in the 2nd quarter. Keybank National Association OH now owns 21,431 shares of the pipeline company’s stock worth $971,000 after buying an additional 383 shares during the last quarter. Finally, Simon Quick Advisors LLC purchased a new stake in shares of Enbridge during the 2nd quarter valued at about $310,000. 54.60% of the stock is currently 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.