Montecito Bank & Trust Sells 1,355 Shares of Enbridge Inc. (NYSE:ENB)

Montecito Bank & Trust reduced its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.8% in the 1st quarter, HoldingsChannel reports. The firm owned 22,099 shares of the pipeline company’s stock after selling 1,355 shares during the quarter. Montecito Bank & Trust’s holdings in Enbridge were worth $979,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Enbridge by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock valued at $3,888,507,000 after purchasing an additional 3,611,421 shares in the last quarter. GQG Partners LLC increased its stake in Enbridge by 2.1% in the fourth quarter. GQG Partners LLC now owns 74,290,740 shares of the pipeline company’s stock valued at $3,151,500,000 after purchasing an additional 1,495,742 shares in the last quarter. TD Asset Management Inc. increased its stake in Enbridge by 2.8% in the fourth quarter. TD Asset Management Inc. now owns 38,752,759 shares of the pipeline company’s stock valued at $1,643,935,000 after purchasing an additional 1,040,799 shares in the last quarter. Deutsche Bank AG increased its stake in Enbridge by 13.9% in the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company’s stock valued at $1,541,745,000 after purchasing an additional 4,426,684 shares in the last quarter. Finally, Norges Bank bought a new stake in Enbridge in the fourth quarter valued at $909,415,000. 54.60% of the stock is owned by institutional investors.

Analyst Ratings Changes

ENB has been the subject of several research analyst reports. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a report on Monday, May 12th. Raymond James upgraded shares of Enbridge to a “moderate buy” rating in a report on Wednesday, April 23rd. Finally, Citigroup initiated coverage on shares of Enbridge in a report on Friday, April 4th. They set a “buy” rating for the company. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Enbridge presently has an average rating of “Hold” and a consensus price target of $67.00.

Enbridge Stock Down 0.4%

Shares of NYSE ENB opened at $46.63 on Monday. The stock has a market capitalization of $101.68 billion, a P/E ratio of 27.11, a P/E/G ratio of 3.92 and a beta of 0.81. The company has a 50-day moving average price of $45.45 and a 200-day moving average price of $43.99. Enbridge Inc. has a 1 year low of $34.60 and a 1 year high of $48.72. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.04. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. The business had revenue of $7.27 billion for the quarter, compared to analysts’ expectations of $10.20 billion. During the same period in the previous year, the company earned $0.92 earnings per share. On average, equities research analysts forecast that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Investors of record on Thursday, May 15th were issued a dividend of $0.679 per share. The ex-dividend date was Thursday, May 15th. This is a boost from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.72 annualized dividend and a yield of 5.82%. Enbridge’s payout ratio is 139.69%.

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.