Enbridge Inc (ENB) Sees Large Growth in Short Interest

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 53,890,479 shares, a growth of 25.9% from the October 31st total of 42,807,497 shares. Based on an average daily volume of 4,906,017 shares, the days-to-cover ratio is presently 11.0 days.

A number of hedge funds have recently made changes to their positions in ENB. Raymond James Financial Services Advisors Inc. boosted its stake in Enbridge by 3.8% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 221,754 shares of the pipeline company’s stock valued at $7,914,000 after acquiring an additional 8,064 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Enbridge by 26.1% during the second quarter. Commonwealth Equity Services LLC now owns 328,874 shares of the pipeline company’s stock worth $11,738,000 after purchasing an additional 68,025 shares in the last quarter. First Manhattan Co. boosted its position in shares of Enbridge by 37.7% during the second quarter. First Manhattan Co. now owns 389,290 shares of the pipeline company’s stock worth $13,893,000 after purchasing an additional 106,623 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. boosted its position in shares of Enbridge by 8.2% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,093,556 shares of the pipeline company’s stock worth $39,072,000 after purchasing an additional 82,670 shares in the last quarter. Finally, Fiera Capital Corp boosted its position in shares of Enbridge by 165.9% during the second quarter. Fiera Capital Corp now owns 5,405,278 shares of the pipeline company’s stock worth $193,266,000 after purchasing an additional 3,372,119 shares in the last quarter. 54.45% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts have recently commented on ENB shares. ValuEngine raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Zacks Investment Research cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Tuesday, November 13th. Citigroup reissued a “neutral” rating on shares of Enbridge in a research note on Monday, September 24th. Bank of America raised shares of Enbridge from a “neutral” rating to a “buy” rating and increased their price target for the company from $49.00 to $50.00 in a research note on Friday, August 17th. Finally, Wells Fargo & Co raised shares of Enbridge from a “market perform” rating to an “outperform” rating in a research note on Monday, November 5th. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Enbridge has a consensus rating of “Buy” and an average target price of $48.20.

Shares of ENB stock opened at $33.45 on Tuesday. Enbridge has a 52-week low of $29.00 and a 52-week high of $41.21. The company has a market capitalization of $59.84 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 1.27 and a beta of 0.56. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 0.98.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, November 2nd. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. Enbridge had a net margin of 3.95% and a return on equity of 8.81%. The firm had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same period last year, the firm earned $0.39 earnings per share. As a group, equities analysts anticipate that Enbridge will post 2.23 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th were paid a $0.51 dividend. The ex-dividend date of this dividend was Wednesday, November 14th. This represents a $2.04 dividend on an annualized basis and a yield of 6.10%. Enbridge’s payout ratio is presently 131.82%.

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Enbridge Company Profile

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.

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