State Farm Mutual Automobile Insurance Co. continued to hold its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, according to its most recent filing with the SEC. The firm owned 6,145,035 shares of the pipeline company’s stock at the close of the second quarter. State Farm Mutual Automobile Insurance Co. owned 0.37% of Enbridge worth $244,633,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in ENB. First Personal Financial Services acquired a new stake in Enbridge in the 1st quarter valued at $102,000. Monroe Bank & Trust MI purchased a new position in Enbridge during the 1st quarter worth $105,000. Kistler Tiffany Companies LLC purchased a new position in Enbridge during the 1st quarter worth $109,000. NEXT Financial Group Inc boosted its holdings in Enbridge by 17.7% during the 2nd quarter. NEXT Financial Group Inc now owns 2,731 shares of the pipeline company’s stock worth $109,000 after acquiring an additional 411 shares during the last quarter. Finally, Atwood & Palmer Inc. boosted its holdings in Enbridge by 8.8% during the 1st quarter. Atwood & Palmer Inc. now owns 2,721 shares of the pipeline company’s stock worth $114,000 after acquiring an additional 221 shares during the last quarter. 61.61% of the stock is owned by institutional investors.
A number of equities analysts have issued reports on ENB shares. BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research cut Enbridge from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $44.00 target price (down previously from $45.00) on shares of Enbridge in a report on Friday, July 14th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Enbridge presently has an average rating of “Hold” and a consensus target price of $54.67.
Shares of Enbridge Inc (NYSE ENB) traded down 0.377% during mid-day trading on Friday, reaching $40.985. The company’s stock had a trading volume of 401,041 shares. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.09. The company’s 50-day moving average price is $40.47 and its 200-day moving average price is $40.54. The stock has a market capitalization of $67.45 billion, a P/E ratio of 33.106 and a beta of 0.63.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.05). Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, equities research analysts forecast that Enbridge Inc will post $1.69 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were given a dividend of $0.489 per share. The ex-dividend date of this dividend was Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.75%. This is a boost from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is 190.29%.
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Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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