Enbridge Energy, L.P. (NYSE:EEP) released its earnings results on Monday. The pipeline company reported $0.24 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.24, Bloomberg Earnings reports. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 6.68%. The company had revenue of $616.40 million for the quarter, compared to analyst estimates of $637.68 million. During the same period in the prior year, the business earned $0.09 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Stockholders of record on Tuesday, November 7th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, November 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 9.28%. Enbridge Energy, L.P.’s dividend payout ratio (DPR) is presently -160.92%.
EEP has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of Enbridge Energy, L.P. from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of Enbridge Energy, L.P. from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. Mizuho reissued a “hold” rating and set a $17.00 price objective on shares of Enbridge Energy, L.P. in a research report on Friday, October 20th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $21.00 price objective on shares of Enbridge Energy, L.P. in a research report on Sunday, September 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. Enbridge Energy, L.P. presently has a consensus rating of “Hold” and a consensus target price of $20.00.
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An institutional investor recently raised its position in Enbridge Energy, L.P. stock. The Manufacturers Life Insurance Company raised its position in shares of Enbridge Energy, L.P. (NYSE:EEP) by 25.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,625 shares of the pipeline company’s stock after buying an additional 1,959 shares during the quarter. The Manufacturers Life Insurance Company ‘s holdings in Enbridge Energy, L.P. were worth $154,000 at the end of the most recent quarter. 42.98% of the stock is owned by institutional investors and hedge funds.
Enbridge Energy, L.P. Company Profile
Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.
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