Sound Income Strategies LLC Sells 212,411 Shares of Enbridge Inc $ENB

Sound Income Strategies LLC decreased its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 34.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 397,853 shares of the pipeline company’s stock after selling 212,411 shares during the quarter. Enbridge makes up 1.0% of Sound Income Strategies LLC’s holdings, making the stock its 25th largest holding. Sound Income Strategies LLC’s holdings in Enbridge were worth $21,345,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ENB. Triumph Capital Management purchased a new stake in Enbridge in the third quarter worth about $26,000. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the 3rd quarter valued at about $28,000. Inspire Investing LLC purchased a new position in Enbridge during the 4th quarter valued at about $29,000. Imprint Wealth LLC purchased a new position in Enbridge during the third quarter valued at approximately $31,000. Finally, Garner Asset Management Corp bought a new position in shares of Enbridge in the 4th quarter worth $30,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

ENB has been the subject of several recent analyst reports. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Royal Bank Of Canada upped their price target on Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Up 1.4%

ENB stock opened at $54.05 on Friday. The firm has a 50 day moving average of $55.27 and a 200 day moving average of $52.37. The stock has a market capitalization of $118.04 billion, a PE ratio of 25.37 and a beta of 0.58. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 52 week low of $43.59 and a 52 week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the prior year, the business posted $1.03 EPS. Sell-side analysts forecast that Enbridge Inc will post 2.16 earnings per share for the current year.

Enbridge Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.2%. Enbridge’s dividend payout ratio is currently 133.80%.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.