Enbridge (NYSE:ENB) Stock Rating Upgraded by Scotiabank

Key Points

• Scotiabank upgraded Enbridge to “strong buy,” while other analysts also issued favorable ratings. The stock has an overall “Moderate Buy” consensus and a $71.17 average price target.
• Enbridge reported quarterly EPS of $0.46, exceeding the $0.43 estimate, and revenue of $9.70 billion, above expectations of $8.67 billion.
• Institutional investors own 54.6% of Enbridge, with major firms including Deutsche Bank, Norges Bank, and Connor Clark & Lunn recently building or initiating positions.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB was upgraded by equities researchers at Scotiabank to a "strong-buy" rating in a research note issued on Thursday, Zacks reports.

ENB has been the subject of a number of other reports. BMO Capital Markets raised shares of Enbridge from a "market perform" rating to an "outperform" rating and set a $79.50 price target for the company in a research note on Monday. TD Securities assumed coverage on shares of Enbridge in a report on Monday. They issued a "buy" rating on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a research report on Wednesday, August 19th. Raymond James Financial reaffirmed a "market perform" rating on shares of Enbridge in a research report on Tuesday. Finally, Wolfe Research set a $50.00 price target on Enbridge in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $71.17.

Enbridge Stock Performance

Shares of NYSE:ENB opened at $48.68 on Thursday. The firm has a fifty day simple moving average of $52.03 and a two-hundred day simple moving average of $53.73. Enbridge has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The stock has a market capitalization of $108.50 billion, a P/E ratio of 26.03, a PEG ratio of 5.75 and a beta of 0.57.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The firm had revenue of $9.70 billion for the quarter, compared to analysts' expectations of $8.67 billion. During the same period in the prior year, the company earned $0.65 EPS. On average, analysts expect that Enbridge will post 2.12 earnings per share for the current fiscal year.

Institutional Trading of Enbridge

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Deutsche Bank AG bought a new stake in Enbridge during the second quarter valued at about $1,850,502,000. Norges Bank bought a new stake in shares of Enbridge in the 4th quarter valued at about $1,195,559,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Enbridge by 18.4% in the 2nd 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. Geode Capital Management LLC raised its stake in shares of Enbridge by 7.1% during the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock worth $1,045,172,000 after acquiring an additional 1,415,995 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock valued at $942,806,000 after acquiring an additional 858,323 shares during the last quarter. Institutional investors own 54.60% of the company's stock.

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company headquartered in Calgary, Alberta. Founded in 1949 as Interprovincial Pipe Line, the company has grown into one of North America's largest energy delivery businesses, operating primarily in Canada and the United States.

Enbridge's operations include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas distribution and utility services. Its pipeline systems transport energy products from producing regions to refineries, export facilities, utilities and other customers.

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