Enbridge (NYSE:ENB) Trading Down 1% – Here’s Why

Enbridge Inc. (NYSE:ENB) (TSE:ENB)’s stock price traded down 1% during mid-day trading on Tuesday . The stock traded as low as $40.33 and last traded at $40.47. 390,971 shares were traded during mid-day trading, a decline of 92% from the average session volume of 4,880,288 shares. The stock had previously closed at $40.87.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley assumed coverage on shares of Enbridge in a research report on Friday. They set an “equal weight” rating for the company. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

Enbridge Price Performance

The stock has a market cap of $85.97 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. The company’s fifty day moving average is $40.63 and its 200 day moving average is $37.81. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34.

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

Institutional Trading of Enbridge

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Enbridge by 1.5% during the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after purchasing an additional 1,227,031 shares during the last quarter. TD Asset Management Inc grew its holdings in Enbridge by 0.9% during the 1st quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock worth $1,377,708,000 after acquiring an additional 337,729 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Enbridge by 3.9% in the 1st quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after purchasing an additional 1,360,439 shares during the period. Cibc World Market Inc. boosted its holdings in Enbridge by 12.8% during the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after buying an additional 3,693,495 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Enbridge by 3.7% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after acquiring an additional 827,540 shares during the period. 54.60% of the stock is owned by institutional investors.

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.