Short Interest in Enbridge Inc (NYSE:ENB) Rises By 73.8%

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totaling 47,958,151 shares, an increase of 73.8% from the April 30th total of 27,590,674 shares. Approximately 2.2% of the shares of the company are short sold. Based on an average daily volume of 4,961,062 shares, the short-interest ratio is currently 9.7 days.

Enbridge Price Performance

Shares of NYSE:ENB traded up $0.68 during trading on Thursday, reaching $56.49. The stock had a trading volume of 950,434 shares, compared to its average volume of 5,042,383. The business’s 50-day moving average price is $54.56 and its 200 day moving average price is $51.27. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The stock has a market capitalization of $123.36 billion, a PE ratio of 26.52 and a beta of 0.58. Enbridge has a 52 week low of $43.59 and a 52 week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period last year, the company posted $1.03 earnings per share. As a group, equities analysts predict that Enbridge will post 2.2 earnings per share for the current year.

Enbridge Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were issued a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 6.9%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ENB. TD Securities cut Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Royal Bank Of Canada increased their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Citigroup reaffirmed a “buy” rating on shares of Enbridge in a report on Thursday, February 19th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Finally, Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, May 24th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Enbridge presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ENB. Norges Bank acquired a new position in Enbridge during the fourth quarter valued at approximately $1,195,559,000. Auto Owners Insurance Co raised its position in Enbridge by 4,683.0% in the 4th quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock valued at $40,975,000 after buying an additional 8,387,721 shares during the last quarter. Bank of Nova Scotia lifted its stake in Enbridge by 118.0% in the 3rd quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock valued at $480,518,000 after acquiring an additional 5,157,030 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Enbridge by 787.8% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,196,000 shares of the pipeline company’s stock valued at $173,189,000 after acquiring an additional 2,836,000 shares in the last quarter. Finally, Alberta Investment Management Corp bought a new stake in shares of Enbridge in the fourth quarter worth $132,705,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Company Profile

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.