The Goldman Sachs Group Upgrades Enbridge (NYSE:ENB) to “Hold”

Enbridge (NYSE:ENB) (TSE:ENB) was upgraded by equities research analysts at The Goldman Sachs Group to a “hold” rating in a research note issued to investors on Wednesday, Zacks reports.

Several other analysts have also weighed in on ENB. US Capital Advisors raised Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. BMO Capital Markets raised Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 price target on the stock in a research report on Monday, September 14th. Jefferies Financial Group restated a “hold” rating on shares of Enbridge in a research note on Monday, September 14th. TD Securities initiated coverage on shares of Enbridge in a report on Monday, September 14th. They set a “buy” rating on the stock. Finally, Wolfe Research set a $50.00 price target on shares of Enbridge in a report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.88.

Enbridge Stock Down 0.5%

Shares of NYSE:ENB opened at $46.26 on Wednesday. Enbridge has a 12-month low of $45.03 and a 12-month high of $58.45. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The firm has a market cap of $103.10 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 5.50 and a beta of 0.60. The company has a fifty day simple moving average of $50.43 and a 200 day simple moving average of $53.30.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same period last year, the business earned $0.65 EPS. On average, equities research analysts anticipate that Enbridge will post 2.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. increased its position in Enbridge by 0.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 3,844,716 shares of the pipeline company’s stock valued at $208,427,000 after acquiring an additional 26,591 shares during the period. The Manufacturers Life Insurance Company boosted its position in Enbridge by 2.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,079,469 shares of the pipeline company’s stock worth $599,709,000 after acquiring an additional 268,800 shares during the period. Empowered Funds LLC grew its stake in shares of Enbridge by 24.2% in the first quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock worth $5,956,000 after purchasing an additional 21,442 shares in the last quarter. SCS Capital Management LLC acquired a new position in shares of Enbridge during the second quarter valued at $9,204,000. Finally, BlackRock Inc. bought a new stake in shares of Enbridge during the second quarter valued at about $183,623,000. Institutional investors own 54.60% of the company’s stock.

About Enbridge

Enbridge Inc (NYSE: ENB) is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge’s liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.