Traders Purchase Large Volume of Enbridge Put Options (NYSE:ENB)

Enbridge Inc (NYSE:ENB) (TSE:ENB) was the target of unusually large options trading activity on Wednesday. Stock investors acquired 20,216 put options on the stock. This represents an increase of approximately 1,036% compared to the average daily volume of 1,779 put options.

Hedge Funds Weigh In On Enbridge

Several hedge funds and other institutional investors have recently made changes to their positions in the company. McAlvany Wealth Management LLC acquired a new position in shares of Enbridge in the 4th quarter valued at approximately $1,346,000. Purpose Unlimited Inc. acquired a new position in Enbridge during the 4th quarter worth approximately $60,738,000. Rockefeller Capital Management L.P. increased its position in Enbridge by 1.9% during the 4th quarter. Rockefeller Capital Management L.P. now owns 316,403 shares of the pipeline company’s stock worth $15,134,000 after purchasing an additional 5,993 shares in the last quarter. Fund Advisors of America Inc FL acquired a new position in Enbridge during the 4th quarter worth approximately $258,000. Finally, World Investment Advisors increased its position in Enbridge by 44.2% during the 4th quarter. World Investment Advisors now owns 36,411 shares of the pipeline company’s stock worth $1,743,000 after purchasing an additional 11,164 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ENB. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research note on Tuesday, February 17th. JPMorgan Chase & Co. cut shares of Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. Citigroup reiterated a “buy” rating on shares of Enbridge in a research note on Thursday, February 19th. Finally, Raymond James Financial upgraded shares of Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.00.

Enbridge Price Performance

Shares of NYSE:ENB opened at $52.64 on Thursday. The firm has a 50 day moving average of $53.27 and a 200-day moving average of $49.65. The stock has a market capitalization of $114.94 billion, a PE ratio of 22.89 and a beta of 0.63. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70. Enbridge has a 12 month low of $43.59 and a 12 month high of $55.44.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 13th. The pipeline company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.60 by $0.03. The company had revenue of $17.18 billion during the quarter, compared to analysts’ expectations of $9.10 billion. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. During the same period in the previous year, the company earned $0.75 EPS. On average, equities research analysts predict that Enbridge will post 2.14 EPS for the current fiscal year.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.