Enbridge Inc $ENB Shares Sold by Argyle Capital Management LLC

Argyle Capital Management LLC reduced its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 78,666 shares of the pipeline company’s stock after selling 1,368 shares during the quarter. Enbridge comprises 1.3% of Argyle Capital Management LLC’s investment portfolio, making the stock its 24th biggest position. Argyle Capital Management LLC’s holdings in Enbridge were worth $3,565,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ENB. Goldman Sachs Group Inc. lifted its holdings in Enbridge by 137.9% in the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after acquiring an additional 19,074,827 shares during the last quarter. Nuveen LLC acquired a new position in Enbridge in the first quarter valued at approximately $208,490,000. Canada Pension Plan Investment Board lifted its holdings in Enbridge by 39.7% in the first quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company’s stock valued at $421,675,000 after acquiring an additional 2,707,068 shares during the last quarter. Maple Brown Abbott Ltd acquired a new position in Enbridge in the first quarter valued at approximately $77,976,000. Finally, JPMorgan Chase & Co. lifted its holdings in Enbridge by 10.5% in the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock valued at $781,792,000 after acquiring an additional 1,680,116 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on ENB shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Wednesday. Argus upped their price objective on Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, August 12th. Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. CIBC cut Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday. Finally, National Bankshares restated a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Enbridge has a consensus rating of “Moderate Buy” and a consensus price target of $60.50.

Enbridge Stock Down 2.1%

Enbridge stock opened at $48.01 on Friday. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The stock’s fifty day simple moving average is $48.38 and its 200-day simple moving average is $46.23. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The firm has a market capitalization of $104.70 billion, a P/E ratio of 23.65, a P/E/G ratio of 4.49 and a beta of 0.78.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. During the same quarter in the prior year, the company earned $0.58 earnings per share. As a group, equities analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were issued a $0.6839 dividend. This represents a $2.74 annualized dividend and a yield of 5.7%. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. Enbridge’s dividend payout ratio is currently 134.98%.

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.