Short Interest in Enbridge Inc (NYSE:ENB) Drops By 47.0%

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of a large decline in short interest during the month of August. As of August 31st, there was short interest totaling 36,983,779 shares, a decline of 47.0% from the August 15th total of 69,771,404 shares. Based on an average trading volume of 4,411,912 shares, the days-to-cover ratio is presently 8.4 days. Currently, 1.7% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Retirement Planning Group LLC lifted its holdings in shares of Enbridge by 3.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock valued at $290,000 after acquiring an additional 187 shares during the last quarter. Bank & Trust Co increased its stake in Enbridge by 0.6% during the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock worth $1,804,000 after acquiring an additional 193 shares during the last quarter. Cornerstone Wealth Management LLC increased its stake in Enbridge by 0.6% during the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock worth $1,710,000 after acquiring an additional 194 shares during the last quarter. PFG Investments LLC raised its position in Enbridge by 0.9% during the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 202 shares during the period. Finally, Clearwave Capital LLC raised its position in Enbridge by 0.9% during the second quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company’s stock valued at $1,194,000 after purchasing an additional 204 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ENB shares. Raymond James Financial reiterated a “market perform” rating on shares of Enbridge in a research report on Tuesday. Royal Bank Of Canada boosted their price target on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $71.17.

Trending Headlines about Enbridge

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge restarted Line 5 using a temporary bypass after an August incident in Wisconsin. Restoring service limits disruption to energy flows serving Midwest and Great Lakes refineries and reduces the risk of prolonged earnings or operational impacts. ENB Restarts Line 5 With Temporary Bypass Following Wisconsin Incident
• Positive Sentiment: The company launched a non-binding open season for the proposed 150-mile West Texas Express natural-gas pipeline. The project could create longer-term growth by moving Permian gas from the Waha area toward El Paso and other markets, although commercial commitments have not yet been finalized. Enbridge launches open season for proposed Texas natgas pipe
• Positive Sentiment: Analyst sentiment has improved: TD upgraded Enbridge to Buy, BMO raised its rating to Outperform citing the recent pullback and better growth visibility, while Scotiabank and ATB Cormark maintained Buy ratings. Enbridge Upgraded to Buy at TD
• Neutral Sentiment: Enbridge has a consensus “Moderate Buy” rating, but analysts remain divided on the broader energy sector, limiting the significance of any single upgrade. Enbridge Receives Consensus Rating of Moderate Buy
• Negative Sentiment: Tribes and environmental groups are urging Wisconsin officials to take action over the Iron County spill. Potential investigations, remediation costs, regulatory restrictions, or additional operating uncertainty could weigh on investor sentiment. Tribes, environmentalists call for state action in response to Enbridge spill

Enbridge Trading Down 0.0%

NYSE ENB traded down $0.00 on Wednesday, hitting $48.36. 6,975,795 shares of the stock were exchanged, compared to its average volume of 5,542,696. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The stock has a fifty day moving average price of $52.26 and a two-hundred day moving average price of $53.79. The firm has a market capitalization of $107.78 billion, a P/E ratio of 25.86, a P/E/G ratio of 5.69 and a beta of 0.57. Enbridge has a 52-week low of $45.03 and a 52-week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Research analysts forecast that Enbridge will post 2.12 EPS for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 8.0%. The ex-dividend date of this dividend was Friday, August 14th. Enbridge’s dividend payout ratio is 147.06%.

Enbridge Company Profile

Enbridge Inc is a Canadian energy infrastructure company headquartered in Calgary, Alberta. Founded in 1949 as Interprovincial Pipe Line, the company has grown into one of North America’s largest energy delivery businesses, operating primarily in Canada and the United States.

Enbridge’s operations include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas distribution and utility services. Its pipeline systems transport energy products from producing regions to refineries, export facilities, utilities and other customers.