Woodstock Corp Cuts Position in Enbridge Inc. (NYSE:ENB)

Woodstock Corp trimmed its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 20.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 46,902 shares of the pipeline company’s stock after selling 12,414 shares during the period. Woodstock Corp’s holdings in Enbridge were worth $1,905,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new stake in Enbridge during the 2nd quarter valued at about $28,000. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the 2nd quarter worth approximately $28,000. Ameritas Investment Partners Inc. bought a new position in Enbridge in the 1st quarter valued at approximately $29,000. Richardson Financial Services Inc. bought a new position in Enbridge in the 1st quarter valued at approximately $31,000. Finally, PFS Partners LLC boosted its stake in Enbridge by 95.8% during the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 451 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Up 0.5 %

Enbridge stock opened at $41.07 on Monday. Enbridge Inc. has a one year low of $31.31 and a one year high of $41.35. The stock has a market cap of $87.64 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a fifty day moving average of $40.05 and a 200 day moving average of $37.35.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The company had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same period in the previous year, the business earned $0.51 earnings per share. As a group, sell-side analysts predict that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a $0.669 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.52%. Enbridge’s payout ratio is currently 134.01%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.50.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.