Enbridge Energy, L.P. (NYSE:EEP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Enbridge Energy Partners L.P. has a diversified business portfolio, stable fee-based operating income and a strong liquidity position. Focus on a low risk business profile helps it to optimize returns, as well as generate stable earnings. Additionally, we like Enbridge’s attractive distribution yield and its increased exposure to leading U.S. basins. However, the partnership’s units underperformed the broader industry in the last one 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.”
EEP has been the subject of a number of other reports. Mizuho reaffirmed a “neutral” rating and issued a $19.00 target price (down from $22.00) on shares of Enbridge Energy, L.P. in a research note on Wednesday, May 17th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $21.00 target price on shares of Enbridge Energy, L.P. in a research note on Tuesday, June 6th. BidaskClub downgraded shares of Enbridge Energy, L.P. from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Wolfe Research initiated coverage on shares of Enbridge Energy, L.P. in a research note on Friday, May 12th. They set a “market perform” rating and a $19.00 price objective for the company. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $17.00 price objective on shares of Enbridge Energy, L.P. in a research note on Friday, June 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $21.45.
Shares of Enbridge Energy, L.P. (EEP) traded up 1.13% during midday trading on Wednesday, reaching $14.31. The company’s stock had a trading volume of 739,541 shares. The stock has a 50-day moving average price of $15.57 and a 200 day moving average price of $17.09. The stock’s market capitalization is $6.01 billion. Enbridge Energy, L.P. has a 52 week low of $13.87 and a 52 week high of $26.36.
Enbridge Energy, L.P. (NYSE:EEP) last announced its earnings results on Wednesday, August 2nd. The pipeline company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.03. The company had revenue of $596.50 million during the quarter, compared to analyst estimates of $601.82 million. Enbridge Energy, L.P. had a positive return on equity of 6.68% and a negative net margin of 4.34%. Enbridge Energy, L.P.’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.22 earnings per share. Equities analysts forecast that Enbridge Energy, L.P. will post $0.81 earnings per share for the current year.
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Large investors have recently modified their holdings of the stock. Americafirst Capital Management LLC purchased a new stake in shares of Enbridge Energy, L.P. during the second quarter worth about $355,000. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Enbridge Energy, L.P. by 1.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 119,614 shares of the pipeline company’s stock worth $1,914,000 after buying an additional 1,207 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Enbridge Energy, L.P. by 8,618.7% in the second quarter. Tower Research Capital LLC TRC now owns 11,683 shares of the pipeline company’s stock worth $187,000 after buying an additional 11,549 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Enbridge Energy, L.P. by 25.6% in the second quarter. The Manufacturers Life Insurance Company now owns 9,625 shares of the pipeline company’s stock worth $154,000 after buying an additional 1,959 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of Enbridge Energy, L.P. during the second quarter worth about $1,574,000. 55.22% of the stock is currently owned by institutional investors.
Enbridge Energy, L.P. Company Profile
Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.
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