Parsons Capital Management Inc. RI trimmed its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,418 shares of the pipeline company’s stock after selling 3,631 shares during the period. Parsons Capital Management Inc. RI’s holdings in Enbridge were worth $2,613,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Manchester Financial Inc. bought a new position in Enbridge in the second quarter valued at approximately $25,000. Westside Investment Management Inc. bought a new position in Enbridge in the second quarter valued at approximately $25,000. Hanson McClain Inc. increased its stake in Enbridge by 41.9% in the first quarter. Hanson McClain Inc. now owns 1,005 shares of the pipeline company’s stock valued at $36,000 after acquiring an additional 297 shares during the last quarter. Cascade Investment Advisors Inc. bought a new position in Enbridge in the second quarter valued at approximately $36,000. Finally, Northern Oak Wealth Management Inc. bought a new position in Enbridge in the second quarter valued at approximately $36,000. Institutional investors own 55.45% of the company’s stock.
A number of research analysts recently issued reports on the stock. Bank of America cut shares of Enbridge from a “buy” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a research note on Tuesday, July 2nd. Wolfe Research cut shares of Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 price objective on the stock. in a research note on Thursday, June 13th. Goldman Sachs Group assumed coverage on shares of Enbridge in a research note on Thursday, July 18th. They issued a “neutral” rating on the stock. ValuEngine cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, Credit Suisse Group cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $43.75.
Shares of NYSE ENB traded up $0.32 during midday trading on Thursday, reaching $33.08. 136,856 shares of the company were exchanged, compared to its average volume of 3,027,426. The company’s 50-day moving average price is $35.02. The stock has a market capitalization of $66.30 billion, a PE ratio of 16.14, a P/E/G ratio of 2.64 and a beta of 0.59. Enbridge Inc has a one year low of $28.82 and a one year high of $38.04. The company has a current ratio of 0.63, a quick ratio of 0.53 and a debt-to-equity ratio of 0.92.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.08. The firm had revenue of $9.92 billion for the quarter. Enbridge had a net margin of 9.97% and a return on equity of 8.16%. Analysts forecast that Enbridge Inc will post 1.9 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be paid a dividend of $0.559 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 6.76%. The ex-dividend date is Wednesday, August 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.52. Enbridge’s payout ratio is presently 106.83%.
Enbridge Company Profile
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.
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