Enbridge Inc (NYSE:ENB) Sees Significant Decline in Short Interest

Key Points

• Enbridge Inc saw a significant 41% decline in short interest in August, with a total of 20,930,000 shares sold short as of August 31.
• The company recently declared a quarterly dividend of $0.6839 per share, representing a 5.6% dividend yield and an increase from its previous dividend of $0.68.
• Analysts have upgraded Enbridge's stock rating, with Zacks Research moving from "hold" to "strong-buy", while Argus increased the target price from $50.00 to $54.00.

Enbridge Inc (NYSE:ENB - Get Free Report) TSE: ENB was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totaling 20,930,000 shares, a decline of 41.0% from the August 15th total of 35,460,000 shares. Based on an average daily volume of 3,700,000 shares, the short-interest ratio is currently 5.7 days. Approximately 1.0% of the shares of the company are sold short. Approximately 1.0% of the shares of the company are sold short. Based on an average daily volume of 3,700,000 shares, the short-interest ratio is currently 5.7 days.

Enbridge Price Performance

NYSE:ENB opened at $49.11 on Monday. Enbridge has a 52 week low of $39.73 and a 52 week high of $49.11. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The stock has a market capitalization of $107.10 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 4.49 and a beta of 0.80. The stock's 50-day moving average price is $46.65 and its 200-day moving average price is $45.41.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The company had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same period in the previous year, the firm posted $0.58 EPS. As a group, equities analysts expect that Enbridge will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a dividend of $0.6839 per share. This represents a $2.74 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Friday, August 15th. This is a boost from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is presently 134.98%.

Institutional Trading of Enbridge

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in shares of Enbridge in the first quarter worth $25,000. Garde Capital Inc. acquired a new stake in shares of Enbridge during the first quarter worth about $26,000. Whipplewood Advisors LLC boosted its stake in shares of Enbridge by 112.4% during the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company's stock worth $26,000 after buying an additional 308 shares during the period. Financial Gravity Asset Management Inc. acquired a new stake in shares of Enbridge during the first quarter worth about $28,000. Finally, Financial Gravity Companies Inc. acquired a new stake in Enbridge in the second quarter valued at about $29,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analyst Ratings Changes

ENB has been the topic of a number of research analyst reports. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research report on Saturday. Zacks Research raised Enbridge from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Argus increased their target price on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Finally, Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Enbridge currently has an average rating of "Moderate Buy" and a consensus price target of $60.50.

Enbridge Company Profile

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.

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