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Enbridge to Cut 1000 Jobs Following Merger with Spectra
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Canadian energy distributor Enbridge Inc. (ENB - Free Report) recently announced its decision to slash its workforce by 1,000 to curb expenses after the acquisition of Houston-based Spectra Energy Corp. (SE - Free Report) for $28 billion. The majority of the layoff will be in Houston and Calgary.
Enbridge’s CEO Al Monaco mentioned that several administrative and corporate jobs of both the companies will be retrenched. Notably, the aforesaid job cut will reduce the company's workforce by 6%. According to the company, this is one of the many upcoming cost-reduction measures.
Before the deal was finalized in Feb 2017, Spectra had almost 17,000 workers, of which about 1,750 employees were from Houston. Enbridge will consolidate its Houston office withheadquarter of Spectra on Westheimer Court by the end of this year.
Enbridge also intends to streamline the organizational structure of the merged entity through the workforce reduction. Greg Ebel, the former CEO of Spectra, will serve as the Chairman of the merged company.
About the Company
Enbridge, based in Calgary, Canada, is a leading in energy transportation and distribution provider in North America and internationally. The company, which mainly operates in Canada and the U.S., owns the world's longest crude oil and liquids pipeline system. The company is also increasing its involvement in the natural gas transmission and midstream businesses.
Price Performance
Enbridge has outperformed the the Zacks categorized Oil and Gas - Production and Pipelines industry over the past month. During the aforementioned time period, Enbridge’s shares fell 0.05% compared with Industry’s decrease of 1.44%.
Zacks Rank and Stocks to Consider
Enbridge presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector includeCheniere Energy Partners, LP (CQP - Free Report) and Alliance Holdings GP, L.P. . Both the companies sport Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cheniere Energy is expected to grow 2017 sales by 130.19% year over year. The company had an average positive earnings surprise of 74.60% in the last four quarters.
AllianceHoldings is expected to grow current quarter sales by 15.67% year over year. The partnership had an averagepositive earningssurprise of 5.50% inthe last four quarters.
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Enbridge to Cut 1000 Jobs Following Merger with Spectra
Canadian energy distributor Enbridge Inc. (ENB - Free Report) recently announced its decision to slash its workforce by 1,000 to curb expenses after the acquisition of Houston-based Spectra Energy Corp. (SE - Free Report) for $28 billion. The majority of the layoff will be in Houston and Calgary.
Enbridge’s CEO Al Monaco mentioned that several administrative and corporate jobs of both the companies will be retrenched. Notably, the aforesaid job cut will reduce the company's workforce by 6%. According to the company, this is one of the many upcoming cost-reduction measures.
Before the deal was finalized in Feb 2017, Spectra had almost 17,000 workers, of which about 1,750 employees were from Houston. Enbridge will consolidate its Houston office withheadquarter of Spectra on Westheimer Court by the end of this year.
Enbridge also intends to streamline the organizational structure of the merged entity through the workforce reduction. Greg Ebel, the former CEO of Spectra, will serve as the Chairman of the merged company.
About the Company
Enbridge, based in Calgary, Canada, is a leading in energy transportation and distribution provider in North America and internationally. The company, which mainly operates in Canada and the U.S., owns the world's longest crude oil and liquids pipeline system. The company is also increasing its involvement in the natural gas transmission and midstream businesses.
Price Performance
Enbridge has outperformed the the Zacks categorized Oil and Gas - Production and Pipelines industry over the past month. During the aforementioned time period, Enbridge’s shares fell 0.05% compared with Industry’s decrease of 1.44%.
Zacks Rank and Stocks to Consider
Enbridge presently has a Zacks Rank #3 (Hold). Some better-ranked stocks in oil and energy sector includeCheniere Energy Partners, LP (CQP - Free Report) and Alliance Holdings GP, L.P. . Both the companies sport Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cheniere Energy is expected to grow 2017 sales by 130.19% year over year. The company had an average positive earnings surprise of 74.60% in the last four quarters.
AllianceHoldings is expected to grow current quarter sales by 15.67% year over year. The partnership had an averagepositive earningssurprise of 5.50% inthe last four quarters.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020. Click here for the 6 trades >>