Short Interest in Enbridge Inc. (NYSE:ENB) Drops By 55.3%

Enbridge Inc. (NYSE:ENB) (TSE:ENB) was the recipient of a significant decline in short interest during the month of February. As of February 28th, there was short interest totalling 34,450,000 shares, a decline of 55.3% from the February 13th total of 77,060,000 shares. Based on an average daily trading volume, of 4,210,000 shares, the days-to-cover ratio is currently 8.2 days. Currently, 1.6% of the company’s stock are sold short.

Hedge Funds Weigh In On Enbridge

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Enbridge by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock worth $3,888,507,000 after purchasing an additional 3,611,421 shares in the last quarter. GQG Partners LLC boosted its holdings in Enbridge by 2.1% in the fourth quarter. GQG Partners LLC now owns 74,290,740 shares of the pipeline company’s stock worth $3,151,500,000 after purchasing an additional 1,495,742 shares in the last quarter. TD Asset Management Inc. boosted its holdings in Enbridge by 2.8% in the fourth quarter. TD Asset Management Inc. now owns 38,752,759 shares of the pipeline company’s stock worth $1,643,935,000 after purchasing an additional 1,040,799 shares in the last quarter. Deutsche Bank AG boosted its holdings in Enbridge by 13.9% in the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company’s stock worth $1,541,745,000 after purchasing an additional 4,426,684 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Enbridge by 4.0% in the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after purchasing an additional 936,863 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. CIBC reissued an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. TD Securities assumed coverage on Enbridge in a research note on Wednesday, January 15th. They issued a “buy” rating for the company. Finally, Royal Bank of Canada boosted their price objective on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Enbridge Price Performance

Shares of NYSE ENB traded up $0.31 during trading on Friday, hitting $42.86. The company had a trading volume of 2,041,656 shares, compared to its average volume of 4,301,787. The company has a market cap of $93.38 billion, a P/E ratio of 24.92, a PEG ratio of 3.92 and a beta of 0.95. Enbridge has a 52 week low of $32.85 and a 52 week high of $45.78. The business’s 50-day moving average is $43.45 and its 200 day moving average is $42.20. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. The business had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the prior year, the business posted $0.64 earnings per share. Equities research analysts predict that Enbridge will post 2.14 earnings per share for the current fiscal year.

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.