Enbridge Energy, L.P. (EEP) Releases Earnings Results
Enbridge Energy, L.P. (NYSE:EEP) issued its quarterly earnings data on Monday. The pipeline company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24, Bloomberg Earnings reports. The business had revenue of $616.40 million during the quarter, compared to the consensus estimate of $637.68 million. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 6.68%. The company’s revenue was down 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.09 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Tuesday, November 7th will be given a dividend of $0.35 per share. The ex-dividend date is Monday, November 6th. This represents a $1.40 annualized dividend and a dividend yield of 9.28%. Enbridge Energy, L.P.’s dividend payout ratio (DPR) is presently -160.92%.
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A hedge fund recently raised its stake in Enbridge Energy, L.P. stock. The Manufacturers Life Insurance Company increased its stake in shares of Enbridge Energy, L.P. (NYSE:EEP) by 25.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,625 shares of the pipeline company’s stock after buying an additional 1,959 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Enbridge Energy, L.P. were worth $154,000 as of its most recent filing with the Securities and Exchange Commission. 42.98% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have weighed in on EEP shares. Zacks Investment Research downgraded shares of Enbridge Energy, L.P. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub upgraded shares of Enbridge Energy, L.P. from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Royal Bank Of Canada reiterated a “hold” rating and issued a $21.00 price objective on shares of Enbridge Energy, L.P. in a research report on Sunday, September 17th. Finally, Mizuho reiterated a “hold” rating and issued a $17.00 price objective on shares of Enbridge Energy, L.P. in a research report on Friday, October 20th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. Enbridge Energy, L.P. has an average rating of “Hold” and a consensus target price of $20.00.
About Enbridge Energy, L.P.
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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