Enbridge Energy Partners (EEP) Upgraded by Zacks Investment Research to Buy

Enbridge Energy Partners (NYSE:EEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The firm presently has a $13.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.64% from the company’s previous close.

According to Zacks, “Enbridge Energy Partners L.P. has a diversified business portfolio, stable fee-based operating income and a strong liquidity position. Moreover, the Liquids system is believed to deliver strong results in the second half of the year. The impending merger of Enbridge Energy with Enbridge Inc. will benefit the unitholders of the MLP as they will have direct ownership in the largest energy infrastructure company in North America that generate diverse, safe as well as reliable cash flows.  Additionally, we like Enbridge’s attractive distribution yield and its increased exposure to leading U.S. basins.”

Separately, Morgan Stanley lifted their price target on shares of Enbridge Energy Partners from $11.00 to $12.00 and gave the company a “sell” rating in a research report on Friday, September 21st. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. Enbridge Energy Partners has an average rating of “Hold” and an average target price of $12.50.

NYSE EEP traded up $0.04 during trading hours on Monday, reaching $11.44. 15,516 shares of the company’s stock traded hands, compared to its average volume of 1,860,436. Enbridge Energy Partners has a 52-week low of $8.89 and a 52-week high of $16.25. The stock has a market cap of $3.59 billion, a P/E ratio of 14.29 and a beta of 1.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.28 and a quick ratio of 0.28.

Enbridge Energy Partners (NYSE:EEP) last issued its quarterly earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.01. Enbridge Energy Partners had a net margin of 9.25% and a return on equity of 7.59%. The company had revenue of $537.00 million during the quarter, compared to analysts’ expectations of $563.60 million. During the same period last year, the company posted $0.14 EPS. Research analysts expect that Enbridge Energy Partners will post 0.74 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC purchased a new position in Enbridge Energy Partners in the second quarter worth about $115,000. Icon Wealth Partners LLC purchased a new position in Enbridge Energy Partners in the second quarter worth about $122,000. CIBC Asset Management Inc purchased a new position in Enbridge Energy Partners in the second quarter worth about $130,000. Whittier Trust Co. raised its holdings in Enbridge Energy Partners by 491.6% in the second quarter. Whittier Trust Co. now owns 14,198 shares of the pipeline company’s stock worth $524,000 after buying an additional 11,798 shares during the last quarter. Finally, Argent Trust Co purchased a new position in Enbridge Energy Partners in the second quarter worth about $177,000. 42.56% of the stock is owned by institutional investors.

Enbridge Energy Partners Company Profile

Enbridge Energy Partners, L.P. provides crude oil and liquid petroleum gathering, transportation, and storage services assets in the United States. The company's Lakehead system consists of approximately 4,212 miles of pipe and 74 pump stations located in the Great Lakes and Midwest regions of the United States.

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