Investors Buy Large Volume of Put Options on Enbridge (NYSE:ENB)

Posted by Defense World Staff on Oct 19th, 2023

Enbridge Inc. (NYSE:ENB – Get Free Report) (TSE:ENB) was the target of some unusual options trading on Wednesday. Traders acquired 20,216 put options on the stock. This is an increase of 1,036% compared to the typical volume of 1,779 put options.

Analyst Ratings Changes

Several research analysts have issued reports on ENB shares. National Bank Financial assumed coverage on shares of Enbridge in a research report on Monday, September 11th. They set a “sector perform” rating on the stock. Credit Suisse Group dropped their price target on Enbridge from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Enbridge in a research report on Thursday, October 12th. Barclays dropped their target price on Enbridge from $54.00 to $48.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Wells Fargo & Company downgraded Enbridge from an “overweight” rating to an “equal weight” rating in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $57.13.

Get Our Latest Analysis on Enbridge

Hedge Funds Weigh In On Enbridge

Several hedge funds have recently bought and sold shares of the company. Coppell Advisory Solutions Corp. acquired a new stake in Enbridge in the fourth quarter valued at $25,000. Industrial Alliance Investment Management Inc. acquired a new stake in Enbridge in the 4th quarter valued at about $25,000. Steward Financial Group LLC increased its holdings in Enbridge by 114.6% during the 2nd quarter. Steward Financial Group LLC now owns 719 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 384 shares in the last quarter. Coppell Advisory Solutions LLC acquired a new position in Enbridge during the second quarter worth about $26,000. Finally, Tyler Stone Wealth Management acquired a new position in Enbridge during the second quarter worth about $26,000. 48.29% of the stock is owned by hedge funds and other institutional investors.

Enbridge Trading Down 1.3 %

NYSE:ENB opened at $32.18 on Thursday. The stock has a market capitalization of $68.40 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 2.64 and a beta of 0.85. Enbridge has a 1 year low of $31.03 and a 1 year high of $42.12. The stock has a fifty day moving average price of $34.01 and a two-hundred day moving average price of $36.39. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.55 and a current ratio of 0.64.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last announced its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.51 EPS for the quarter, meeting the consensus estimate of $0.51. The firm had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.49 billion. Enbridge had a net margin of 8.58% and a return on equity of 10.20%. As a group, sell-side analysts anticipate that Enbridge will post 2.09 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were paid a dividend of $0.67 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend was Monday, August 14th. This represents a $2.68 annualized dividend and a dividend yield of 8.33%. Enbridge’s payout ratio is 187.86%.

About Enbridge

(Get Free Report)

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.