Zacks Investment Research upgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) from a sell rating to a hold rating in a report released on Thursday morning.
According to Zacks, “Enbridge has the longest and most sophisticated crude and liquids pipeline system in the world that spreads over 17,511 miles. We appreciate the merger with Spectra Energy as it has made Enbridge the largest energy infrastructure company in North America in terms of enterprise value. The company’s huge backlog of growth projects that stands at roughly C$22 billion along with the C$12 billion worth midstream projects that are online will help it drive dividend by 10% annually through 2020. However, the company’s substantial debt load is a matter of concern. During 2017, long-term debt rose more than 70% while cash balance declined almost 73%, reflecting weak financials. Moreover, the company lost 24.9% over the past year, underperforming the Zacks Oil Pipeline industry’s 18.4% decline.”
Several other equities research analysts have also commented on ENB. Morgan Stanley decreased their price objective on shares of Enbridge from $38.00 to $34.00 and set an equal weight rating for the company in a research note on Friday, March 23rd. Mizuho assumed coverage on shares of Enbridge in a research note on Thursday, March 29th. They issued a neutral rating for the company. ValuEngine lowered shares of Enbridge from a hold rating to a sell rating in a research note on Monday, April 2nd. Finally, Bank of America began coverage on shares of Enbridge in a research note on Tuesday, January 9th. They issued a neutral rating for the company. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $43.67.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 16th. The pipeline company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.06. The firm had revenue of $10.15 billion during the quarter, compared to analyst estimates of $9.39 billion. Enbridge had a net margin of 6.56% and a return on equity of 5.47%. equities analysts forecast that Enbridge will post 1.72 earnings per share for the current year.
In related news, insider Robert R. Rooney purchased 6,100 shares of the firm’s stock in a transaction dated Thursday, March 15th. The stock was bought at an average price of $40.80 per share, for a total transaction of $248,880.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Michael E. J. Phelps sold 18,054 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $34.00, for a total transaction of $613,836.00. Following the sale, the director now owns 56,245 shares of the company’s stock, valued at approximately $1,912,330. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.
Several hedge funds have recently modified their holdings of ENB. Fieldpoint Private Securities LLC purchased a new stake in shares of Enbridge during the 3rd quarter worth approximately $130,000. Taylor Hoffman Wealth Management bought a new position in Enbridge in the 4th quarter worth approximately $140,000. Valeo Financial Advisors LLC bought a new position in Enbridge in the 3rd quarter worth approximately $146,000. Field & Main Bank bought a new position in Enbridge in the 4th quarter worth approximately $149,000. Finally, Icon Wealth Partners LLC bought a new position in Enbridge in the 4th quarter worth approximately $163,000. Institutional investors own 62.89% of the company’s stock.
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Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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