Goldman Sachs Group Begins Coverage on Enbridge (NYSE:ENB)
Goldman Sachs Group initiated coverage on shares of Enbridge (NYSE:ENB) (TSE:ENB) in a research report report published on Thursday morning, BenzingaRatingsTable reports. The firm issued a neutral rating on the pipeline company’s stock.
Other research analysts also recently issued research reports about the stock. Industrial Alliance Securities restated a buy rating on shares of Tc Pipelines in a research report on Monday, April 8th. Credit Suisse Group restated a hold rating and set a $32.00 price objective on shares of CRH in a research report on Thursday, April 25th. ValuEngine upgraded shares of Zynerba Pharmaceuticals from a sell rating to a hold rating in a research report on Monday, April 1st. National Bank Financial upgraded shares of Enbridge from a sector perform overweight rating to an outperform overweight rating in a research report on Wednesday, March 20th. Finally, Barclays set a $192.00 price objective on shares of Tesla and gave the company a sell rating in a research report on Tuesday, April 9th. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Enbridge presently has an average rating of Hold and a consensus price target of $43.75.
Shares of NYSE ENB opened at $35.83 on Thursday. The business has a 50 day moving average price of $35.68. The company has a market capitalization of $72.51 billion, a P/E ratio of 17.48, a PEG ratio of 2.82 and a beta of 0.58. Enbridge has a 52-week low of $28.82 and a 52-week high of $38.04. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 0.92.
In other Enbridge news, insider Albert Monaco purchased 7,848 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average cost of $49.81 per share, for a total transaction of $390,908.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.42% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. TD Asset Management Inc. raised its position in Enbridge by 3.7% in the first quarter. TD Asset Management Inc. now owns 46,596,794 shares of the pipeline company’s stock worth $1,688,151,000 after acquiring an additional 1,648,741 shares during the period. CIBC Asset Management Inc increased its stake in shares of Enbridge by 4.1% in the first quarter. CIBC Asset Management Inc now owns 22,663,824 shares of the pipeline company’s stock worth $820,833,000 after purchasing an additional 895,305 shares in the last quarter. Norges Bank purchased a new stake in shares of Enbridge in the fourth quarter worth $552,827,000. The Manufacturers Life Insurance Company increased its stake in shares of Enbridge by 10.3% in the first quarter. The Manufacturers Life Insurance Company now owns 14,089,169 shares of the pipeline company’s stock worth $510,874,000 after purchasing an additional 1,320,420 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Enbridge by 5.1% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,372,445 shares of the pipeline company’s stock worth $484,469,000 after purchasing an additional 652,618 shares in the last quarter. Institutional investors and hedge funds own 55.12% of the company’s stock.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
Further Reading: What is the price-to-earnings growth (PEG) ratio?
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