Enbridge Inc. (NYSE:ENB) Sees Significant Growth in Short Interest

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was the recipient of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 24,640,000 shares, an increase of 30.4% from the September 30th total of 18,900,000 shares. Based on an average daily volume of 3,680,000 shares, the short-interest ratio is presently 6.7 days. Currently, 1.1% of the company’s stock are short sold.

Institutional Trading of Enbridge

Several hedge funds and other institutional investors have recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new stake in shares of Enbridge in the second quarter valued at approximately $28,000. William B. Walkup & Associates Inc. purchased a new stake in shares of Enbridge during the 2nd quarter worth $28,000. Ameritas Investment Partners Inc. acquired a new position in shares of Enbridge during the 1st quarter worth $29,000. Richardson Financial Services Inc. purchased a new position in shares of Enbridge in the 1st quarter valued at about $31,000. Finally, Grove Bank & Trust lifted its stake in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

ENB has been the topic of several analyst reports. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Morgan Stanley assumed coverage on shares of Enbridge in a research note on Friday. They set an “equal weight” rating on the stock.

Enbridge Stock Down 0.5 %

Shares of NYSE:ENB opened at $40.94 on Monday. Enbridge has a 1-year low of $31.31 and a 1-year high of $42.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a market cap of $87.36 billion, a P/E ratio of 20.78, a P/E/G ratio of 4.00 and a beta of 0.93. The firm has a fifty day moving average price of $40.60 and a 200 day moving average price of $37.76.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same quarter in the prior year, the firm earned $0.51 earnings per share. Sell-side analysts predict that Enbridge will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a dividend of $0.669 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.54%. Enbridge’s payout ratio is currently 134.01%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.