Enbridge (NYSE:ENB) Upgraded to Equal Weight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Enbridge (NYSE:ENB) (TSE:ENB) from an underweight rating to an equal weight rating in a research note published on Wednesday morning, Marketbeat.com reports.

A number of other research firms have also recently weighed in on ENB. Morgan Stanley began coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

Enbridge Trading Up 1.2 %

NYSE:ENB opened at $41.54 on Wednesday. The company has a current ratio of 0.62, a quick ratio of 0.68 and a debt-to-equity ratio of 1.41. The firm has a fifty day simple moving average of $40.82 and a 200-day simple moving average of $38.12. Enbridge has a 12 month low of $32.76 and a 12 month high of $42.16. The company has a market capitalization of $90.45 billion, a P/E ratio of 19.23, a PEG ratio of 3.97 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same quarter last year, the company posted $0.46 earnings per share. On average, equities research analysts anticipate that Enbridge will post 2.06 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be paid a dividend of $0.676 per share. The ex-dividend date is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.51%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is currently 122.22%.

Institutional Trading of Enbridge

A number of institutional investors and hedge funds have recently modified their holdings of ENB. Norden Group LLC purchased a new stake in shares of Enbridge during the first quarter worth about $360,000. BNP Paribas Financial Markets boosted its position in Enbridge by 19.4% during the first quarter. BNP Paribas Financial Markets now owns 6,991 shares of the pipeline company’s stock worth $253,000 after acquiring an additional 1,136 shares during the last quarter. Csenge Advisory Group boosted its position in Enbridge by 15.3% during the first quarter. Csenge Advisory Group now owns 10,911 shares of the pipeline company’s stock worth $395,000 after acquiring an additional 1,445 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in Enbridge by 5.0% during the first quarter. Geneos Wealth Management Inc. now owns 13,684 shares of the pipeline company’s stock worth $495,000 after acquiring an additional 647 shares during the last quarter. Finally, Advisory Alpha LLC acquired a new position in Enbridge during the first quarter worth about $279,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

About Enbridge

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.