Enbridge Energy Partners (EEP) Downgraded by Zacks Investment Research

Enbridge Energy Partners (NYSE:EEP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “Enbridge Energy Partners units underperformed the broader industry in the last year. The partnership’s U.S. L3R Program in Wisconsin and the Canadian L3R Program cost has been  revised about 12% above the original estimate at the time the project was approved in 2014. This mainly reflects delays in the regulatory process, changes in scope and route alteration as well as other changes that resulted from the extensive consultation process. Any further delay in starting the project may increase costs, which is detrimental to the partnership’s growth. Additionally, the high capital expenditure required for the ambitious growth plans may reduce cash distribution growth.”

A number of other equities research analysts have also weighed in on the stock. Mizuho restated a “hold” rating and issued a $17.00 target price on shares of Enbridge Energy Partners in a report on Friday, October 20th. Morgan Stanley lowered their target price on shares of Enbridge Energy Partners from $18.00 to $17.00 and set an “equal weight” rating on the stock in a report on Friday, November 17th. Barclays lowered their target price on shares of Enbridge Energy Partners from $21.00 to $16.00 and set an “equal weight” rating on the stock in a report on Monday, November 20th. Finally, Bank of America assumed coverage on shares of Enbridge Energy Partners in a report on Tuesday, January 9th. They issued an “underperform” rating on the stock. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $18.56.

Shares of Enbridge Energy Partners (EEP) traded up $0.12 during midday trading on Tuesday, hitting $15.21. 1,950,300 shares of the stock traded hands, compared to its average volume of 1,627,745. Enbridge Energy Partners has a 52-week low of $12.25 and a 52-week high of $26.06. The firm has a market capitalization of $4,970.00, a price-to-earnings ratio of 20.28 and a beta of 1.19. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.94.

Enbridge Energy Partners (NYSE:EEP) last announced its quarterly earnings data on Wednesday, November 1st. The pipeline company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Enbridge Energy Partners had a net margin of 31.80% and a return on equity of 18.74%. The firm had revenue of $616.40 million for the quarter, compared to analyst estimates of $637.68 million. During the same quarter in the prior year, the business earned $0.09 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. sell-side analysts forecast that Enbridge Energy Partners will post 0.71 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of EEP. Oppenheimer & Co. Inc. increased its stake in Enbridge Energy Partners by 2.4% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 12,253 shares of the pipeline company’s stock valued at $196,000 after buying an additional 293 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Enbridge Energy Partners by 1.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 119,614 shares of the pipeline company’s stock valued at $1,914,000 after buying an additional 1,207 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Enbridge Energy Partners by 25.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,625 shares of the pipeline company’s stock valued at $154,000 after buying an additional 1,959 shares during the last quarter. Alliancebernstein L.P. increased its stake in Enbridge Energy Partners by 5.9% in the 2nd quarter. Alliancebernstein L.P. now owns 53,132 shares of the pipeline company’s stock valued at $850,000 after buying an additional 2,970 shares during the last quarter. Finally, Moors & Cabot Inc. increased its stake in Enbridge Energy Partners by 4.0% in the 2nd quarter. Moors & Cabot Inc. now owns 110,065 shares of the pipeline company’s stock valued at $1,761,000 after buying an additional 4,245 shares during the last quarter. Institutional investors own 44.91% of the company’s stock.

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About Enbridge Energy Partners

Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering and transportation and storage services. The Company operates through the Liquids business segment. Its Liquids segment includes the operations of its Lakehead, North Dakota and mid-continent systems.

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