Enbridge (NYSE:ENB) Stock Rating Raised to "Hold" at The Goldman Sachs Group

Key Points

• Goldman Sachs upgraded Enbridge to “Hold”, while analysts overall maintain a “Moderate Buy” consensus with an average price target of $65.88.
• Enbridge shares opened at $46.26, near their 52-week low of $45.03 and below both their 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting $0.46 in EPS versus $0.43 expected and $9.70 billion in revenue versus $8.67 billion forecast; institutional investors own 54.6% of the stock.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB was upgraded by analysts at The Goldman Sachs Group to a "hold" rating in a report released on Wednesday, Zacks reports.

A number of other equities analysts have also weighed in on ENB. BMO Capital Markets upgraded shares of Enbridge from a "market perform" rating to an "outperform" rating and set a $79.50 price objective for the company in a report on Monday, September 14th. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. TD Securities began coverage on Enbridge in a report on Monday, September 14th. They issued a "buy" rating for the company. Jefferies Financial Group reissued a "hold" rating on shares of Enbridge in a research report on Monday, September 14th. Finally, National Bank Financial upgraded shares of Enbridge from a "sector perform" rating to an "outperform" rating in a research note on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Enbridge presently has a consensus rating of "Moderate Buy" and a consensus target price of $65.88.

Enbridge Price Performance

Shares of NYSE:ENB opened at $46.26 on Wednesday. Enbridge has a 1-year low of $45.03 and a 1-year high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The business has a fifty day moving average price of $50.43 and a 200-day moving average price of $53.30. The company has a market capitalization of $103.10 billion, a PE ratio of 24.74, a PEG ratio of 5.50 and a beta of 0.60.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to analysts' expectations of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same quarter in the previous year, the business posted $0.65 EPS. As a group, equities analysts expect that Enbridge will post 2.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Deutsche Bank AG purchased a new stake in shares of Enbridge during the 2nd quarter valued at about $1,850,502,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Enbridge by 18.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company's stock worth $1,117,353,000 after buying an additional 3,205,322 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in Enbridge by 1.0% during the second quarter. TD Waterhouse Canada Inc. now owns 16,189,798 shares of the pipeline company's stock valued at $863,952,000 after buying an additional 164,934 shares during the period. Amundi grew its position in Enbridge by 8.5% during the second quarter. Amundi now owns 11,948,497 shares of the pipeline company's stock valued at $647,728,000 after buying an additional 936,435 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in Enbridge by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 11,079,469 shares of the pipeline company's stock valued at $599,709,000 after buying an additional 268,800 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Company Profile

Enbridge Inc NYSE: ENB is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge's liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.