Enbridge Energy Partners (NYSE:EEP) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Enbridge Energy Partners (NYSE:EEP) from a strong sell rating to a hold rating in a report published on Wednesday, January 3rd.
According to Zacks, “Oil and natural gas transporter, 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. Moreover, the partnership’s distribution yield is highly impressive, which represents attractive returns for the unitholders. Enbridge Energy’s earnings surprise history is impressive as reflected by the fact that the partnership surpassed the Zacks Consensus Estimate in three of the last four quarters, with an average positive earnings surprise of 38.22%. However, the pricing chart of Enbridge Energy is not at all impressive as the partnership underperformed the industry over the past year.”
Other equities research analysts have also recently issued reports about the stock. Barclays lowered their price objective on shares of Enbridge Energy Partners from $21.00 to $16.00 and set an equal weight rating on the stock in a research note on Monday, November 20th. Morgan Stanley lowered their price objective on shares of Enbridge Energy Partners from $18.00 to $17.00 and set an equal weight rating on the stock in a research note on Friday, November 17th. Mizuho reissued a hold rating and issued a $17.00 price objective on shares of Enbridge Energy Partners in a research note on Friday, October 20th. Finally, Royal Bank of Canada restated a hold rating and issued a $21.00 target price on shares of Enbridge Energy Partners in a report on Sunday, September 17th. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $18.56.
Enbridge Energy Partners (NYSE:EEP) last posted its quarterly earnings results on Wednesday, November 1st. The pipeline company reported $0.24 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.24. Enbridge Energy Partners had a net margin of 8.47% and a return on equity of 6.03%. The business had revenue of $616.40 million for the quarter, compared to analysts’ expectations of $637.68 million. During the same period in the prior year, the company posted $0.09 EPS. The business’s revenue for the quarter was down 2.9% on a year-over-year basis. equities analysts forecast that Enbridge Energy Partners will post 0.71 earnings per share for the current year.
Several hedge funds have recently made changes to their positions in EEP. Beach Investment Management LLC. purchased a new position in shares of Enbridge Energy Partners during the 2nd quarter worth about $245,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Enbridge Energy Partners by 38.4% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 137,000 shares of the pipeline company’s stock worth $2,192,000 after acquiring an additional 38,000 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Enbridge Energy Partners by 6.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 27,303 shares of the pipeline company’s stock worth $437,000 after acquiring an additional 1,707 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of Enbridge Energy Partners by 2.4% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 12,253 shares of the pipeline company’s stock worth $196,000 after acquiring an additional 293 shares during the period. Finally, Private Advisor Group LLC lifted its holdings in shares of Enbridge Energy Partners by 143.5% during the 2nd quarter. Private Advisor Group LLC now owns 66,116 shares of the pipeline company’s stock worth $1,053,000 after acquiring an additional 38,968 shares during the period. Institutional investors and hedge funds own 45.46% of the company’s stock.
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About Enbridge Energy Partners
Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering and transportation and storage services. The Company operates through the Liquids business segment. Its Liquids segment includes the operations of its Lakehead, North Dakota and mid-continent systems.
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