Enbridge’s (ENB) Outperform Rating Reaffirmed at Royal Bank of Canada

Enbridge (NYSE:ENB) (TSE:ENB)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a research report issued on Wednesday,Benzinga reports. They presently have a $63.00 price objective on the pipeline company’s stock, up from their previous price objective of $59.00. Royal Bank of Canada’s price target would suggest a potential upside of 44.46% from the stock’s previous close.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley started coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock. Finally, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Stock Performance

ENB traded up $0.12 during trading hours on Wednesday, hitting $43.61. The company’s stock had a trading volume of 1,343,600 shares, compared to its average volume of 4,850,220. The company has a 50-day simple moving average of $41.73 and a 200 day simple moving average of $38.98. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $94.98 billion, a PE ratio of 20.19, a PEG ratio of 4.26 and a beta of 0.94. Enbridge has a fifty-two week low of $32.85 and a fifty-two week high of $44.02.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, sell-side analysts expect that Enbridge will post 2.04 EPS for the current year.

Hedge Funds Weigh In On Enbridge

A number of hedge funds have recently modified their holdings of ENB. Synovus Financial Corp raised its holdings in Enbridge by 0.3% during the 3rd quarter. Synovus Financial Corp now owns 273,806 shares of the pipeline company’s stock worth $11,119,000 after buying an additional 761 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Enbridge during the third quarter valued at approximately $1,216,000. Sanctuary Advisors LLC lifted its position in shares of Enbridge by 7.4% in the 3rd quarter. Sanctuary Advisors LLC now owns 175,166 shares of the pipeline company’s stock valued at $7,578,000 after acquiring an additional 12,084 shares in the last quarter. Anchor Investment Management LLC boosted its stake in Enbridge by 0.5% in the 3rd quarter. Anchor Investment Management LLC now owns 123,012 shares of the pipeline company’s stock worth $4,996,000 after purchasing an additional 581 shares during the period. Finally, Passumpsic Savings Bank grew its position in Enbridge by 2.4% during the 3rd quarter. Passumpsic Savings Bank now owns 11,575 shares of the pipeline company’s stock worth $470,000 after purchasing an additional 276 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

About Enbridge

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.