Enbridge Inc. (ENB) Sees Large Growth in Short Interest
Enbridge Inc. (NYSE:ENB) was the recipient of a large growth in short interest in September. As of September 30th, there was short interest totalling 32,504,732 shares, a growth of 16.6% from the September 15th total of 27,869,410 shares. Based on an average daily volume of 2,607,313 shares, the days-to-cover ratio is currently 12.5 days. Approximately 3.5% of the company’s stock are short sold.
Enbridge (NYSE:ENB) opened at 43.98 on Monday. Enbridge has a 1-year low of $27.43 and a 1-year high of $45.77. The stock has a market cap of $41.09 billion, a price-to-earnings ratio of 40.09 and a beta of 0.64. The firm’s 50 day moving average price is $43.13 and its 200-day moving average price is $41.43.
Enbridge (NYSE:ENB) last issued its earnings results on Friday, July 29th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by $0.03. Enbridge had a return on equity of 12.96% and a net margin of 4.29%. During the same quarter last year, the company posted $0.60 EPS. On average, equities analysts anticipate that Enbridge will post $1.77 earnings per share for the current year.
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Several institutional investors have recently modified their holdings of the company. AMF Pensionsforsakring AB increased its position in shares of Enbridge by 27.0% in the first quarter. AMF Pensionsforsakring AB now owns 606,480 shares of the company’s stock worth $23,849,000 after buying an additional 128,950 shares during the last quarter. Scotia Capital Inc. increased its position in shares of Enbridge by 26.6% in the first quarter. Scotia Capital Inc. now owns 3,506,103 shares of the company’s stock worth $136,397,000 after buying an additional 736,759 shares during the last quarter. Bank of Nova Scotia Trust Co. increased its position in shares of Enbridge by 21.3% in the first quarter. Bank of Nova Scotia Trust Co. now owns 995,975 shares of the company’s stock worth $38,753,000 after buying an additional 174,991 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Enbridge by 5.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,943,803 shares of the company’s stock worth $75,981,000 after buying an additional 94,631 shares during the last quarter. Finally, AXA increased its position in shares of Enbridge by 2.0% in the first quarter. AXA now owns 189,957 shares of the company’s stock worth $7,425,000 after buying an additional 3,792 shares during the last quarter. Hedge funds and other institutional investors own 66.77% of the company’s stock.
A number of research firms have recently weighed in on ENB. Scotiabank reissued an “outperform” rating and issued a $61.00 price objective on shares of Enbridge in a research report on Friday, September 9th. Goldman Sachs Group Inc. upgraded Enbridge from a “neutral” rating to a “buy” rating and raised their target price for the stock from $43.00 to $48.00 in a research note on Wednesday, September 7th. National Bank Financial upgraded Enbridge from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, September 7th. RBC Capital Markets restated an “outperform” rating on shares of Enbridge in a research note on Sunday, September 4th. Finally, Canaccord Genuity restated a “buy” rating on shares of Enbridge in a research note on Sunday, September 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $56.50.
Enbridge Inc (Enbridge) is an energy transportation and distribution company. The Company operates through five segments: Liquids Pipelines; Gas Distribution; Gas Pipelines, Processing and Energy Services; Sponsored Investments, and Corporate. The Company operates the crude oil and liquids transportation system in Canada and the United States.
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