Enbridge (NYSE:ENB) Releases Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Enbridge (NYSE:ENB) (TSE:ENB) posted its earnings results on Friday. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06), Zacks reports. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the previous year, the company earned $0.55 earnings per share.

Enbridge Price Performance

ENB traded up $0.81 on Friday, hitting $47.69. 6,779,561 shares of the company’s stock were exchanged, compared to its average volume of 3,862,933. Enbridge has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The stock has a market cap of $104.00 billion, a price-to-earnings ratio of 23.49, a P/E/G ratio of 4.31 and a beta of 0.76. The firm has a 50-day moving average price of $48.28 and a 200-day moving average price of $46.76. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be paid a dividend of $0.9425 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Friday, November 14th. This represents a $3.77 annualized dividend and a yield of 7.9%. Enbridge’s dividend payout ratio is presently 132.02%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ENB shares. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Zacks Research downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Wall Street Zen lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Argus boosted their price target on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, August 12th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of “Moderate Buy” and an average target price of $60.50.

Hedge Funds Weigh In On Enbridge

Institutional investors and hedge funds have recently bought and sold shares of the business. Darwin Wealth Management LLC acquired a new stake in Enbridge during the second quarter worth $41,000. McIlrath & Eck LLC increased its position in shares of Enbridge by 81.3% during the 2nd quarter. McIlrath & Eck LLC now owns 1,264 shares of the pipeline company’s stock worth $57,000 after purchasing an additional 567 shares during the last quarter. Headlands Technologies LLC acquired a new position in Enbridge in the second quarter valued at about $62,000. Engineers Gate Manager LP purchased a new position in Enbridge during the second quarter worth about $255,000. Finally, Brighton Jones LLC purchased a new position in Enbridge during the fourth quarter worth about $261,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Company Profile

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.