Enbridge (NYSE:ENB) Shares Down 2% - Here's What Happened

Shares of Enbridge Inc. (NYSE:ENB - Get Free Report) TSE: ENB dropped 2% during mid-day trading on Wednesday . The company traded as low as $39.80 and last traded at $40.25. Approximately 1,080,501 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 4,426,639 shares. The stock had previously closed at $41.09.

Analyst Ratings Changes

Several analysts have weighed in on ENB shares. Royal Bank of Canada lifted their price objective on Enbridge from $63.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. TD Securities began coverage on Enbridge in a research report on Wednesday, January 15th. They set a "buy" rating on the stock. Citigroup initiated coverage on Enbridge in a research note on Friday, April 4th. They issued a "buy" rating on the stock. Finally, CIBC reissued an "outperform" rating on shares of Enbridge in a research report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Enbridge presently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Price Performance

The firm's fifty day simple moving average is $43.14 and its 200-day simple moving average is $42.66. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The firm has a market capitalization of $94.31 billion, a PE ratio of 25.16, a PEG ratio of 3.92 and a beta of 0.80.

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Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The firm had revenue of $11.59 billion for the quarter, compared to analysts' expectations of $4.78 billion. During the same period in the prior year, the firm earned $0.64 EPS. On average, research analysts forecast that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Institutional Trading of Enbridge

Several large investors have recently added to or reduced their stakes in ENB. Stokes Capital Advisors LLC raised its position in Enbridge by 0.7% in the first quarter. Stokes Capital Advisors LLC now owns 106,560 shares of the pipeline company's stock worth $4,722,000 after acquiring an additional 779 shares during the period. Procyon Advisors LLC increased its position in Enbridge by 1.7% in the first quarter. Procyon Advisors LLC now owns 125,936 shares of the pipeline company's stock worth $5,580,000 after buying an additional 2,126 shares in the last quarter. Gilman Hill Asset Management LLC lifted its position in shares of Enbridge by 2,118.2% during the 1st quarter. Gilman Hill Asset Management LLC now owns 130,052 shares of the pipeline company's stock valued at $5,763,000 after buying an additional 124,189 shares in the last quarter. Portside Wealth Group LLC grew its stake in shares of Enbridge by 1.3% during the 1st quarter. Portside Wealth Group LLC now owns 30,280 shares of the pipeline company's stock valued at $1,285,000 after acquiring an additional 383 shares during the period. Finally, Key Client Fiduciary Advisors LLC increased its holdings in Enbridge by 5.4% in the 1st quarter. Key Client Fiduciary Advisors LLC now owns 14,364 shares of the pipeline company's stock worth $636,000 after acquiring an additional 730 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

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.