JPMorgan Chase & Co. Downgrades Enbridge (NYSE:ENB) to Neutral

Enbridge (NYSE:ENB) (TSE:ENB) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat reports.

A number of other brokerages have also recently issued reports on ENB. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Scotiabank raised Enbridge from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 16th. Royal Bank Of Canada lifted their price objective on Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Monday, November 10th. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a report on Monday, November 10th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus price target of $63.00.

Enbridge Price Performance

Enbridge stock opened at $48.50 on Tuesday. The business’s 50-day simple moving average is $47.39 and its 200 day simple moving average is $47.52. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64. The stock has a market cap of $105.80 billion, a price-to-earnings ratio of 26.65 and a beta of 0.68. Enbridge has a 12-month low of $39.73 and a 12-month high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.06). The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. Enbridge had a return on equity of 10.51% and a net margin of 9.20%.During the same period in the prior year, the firm posted $0.55 earnings per share. As a group, research analysts anticipate that Enbridge will post 2.14 earnings per share for the current year.

Hedge Funds Weigh In On Enbridge

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Enbridge in the second quarter valued at approximately $1,113,368,000. Bank of Nova Scotia raised its holdings in shares of Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after acquiring an additional 5,157,030 shares during the period. Canada Pension Plan Investment Board lifted its position in Enbridge by 38.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock valued at $599,556,000 after acquiring an additional 3,687,334 shares in the last quarter. Vanguard Group Inc. boosted its stake in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after purchasing an additional 3,217,961 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Enbridge by 20.2% during the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock worth $818,620,000 after purchasing an additional 2,989,992 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

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.