Enbridge Inc (NYSE:ENB) (TSE:ENB)‘s stock had its “equal weight” rating reissued by investment analysts at Morgan Stanley in a report released on Friday. They currently have a $44.00 price objective on the pipeline company’s stock, down from their prior price objective of $45.00. Morgan Stanley’s target price points to a potential upside of 7.71% from the company’s previous close.
A number of other brokerages have also recently issued reports on ENB. Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “strong sell” rating in a research note on Monday, April 24th. Wells Fargo & Company restated a “market perform” rating on shares of Enbridge in a research note on Friday, March 31st. Wolfe Research began coverage on shares of Enbridge in a research note on Friday, May 12th. They issued a “market perform” rating and a $43.00 price objective for the company. BidaskClub upgraded shares of Enbridge from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $54.00.
Enbridge (NYSE ENB) traded up 0.47% during midday trading on Friday, hitting $40.85. 1,600,257 shares of the stock traded hands. The company has a 50-day moving average of $39.09 and a 200-day moving average of $41.37. The stock has a market cap of $66.95 billion, a PE ratio of 44.16 and a beta of 0.61. Enbridge has a 1-year low of $37.37 and a 1-year high of $45.77.
Several large investors have recently made changes to their positions in ENB. Bank of America Corp DE boosted its stake in shares of Enbridge by 1,072.3% in the first quarter. Bank of America Corp DE now owns 30,748,683 shares of the pipeline company’s stock worth $1,286,524,000 after buying an additional 28,125,698 shares during the period. Vanguard Group Inc. boosted its stake in Enbridge by 82.9% in the first quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after buying an additional 17,671,076 shares during the last quarter. Bank of Montreal Can boosted its stake in Enbridge by 72.4% in the first quarter. Bank of Montreal Can now owns 38,965,561 shares of the pipeline company’s stock valued at $1,630,318,000 after buying an additional 16,369,985 shares during the last quarter. State Street Corp bought a new stake in Enbridge during the first quarter valued at $478,509,000. Finally, TD Asset Management Inc. boosted its stake in Enbridge by 28.2% in the first quarter. TD Asset Management Inc. now owns 41,491,668 shares of the pipeline company’s stock valued at $1,733,219,000 after buying an additional 9,123,400 shares during the last quarter. Institutional investors and hedge funds own 62.95% of the company’s stock.
About Enbridge
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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