ProVise Management Group LLC Sells 9,873 Shares of Enbridge Inc. (NYSE:ENB)

ProVise Management Group LLC trimmed its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 202,843 shares of the pipeline company’s stock after selling 9,873 shares during the quarter. ProVise Management Group LLC’s holdings in Enbridge were worth $7,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. TruNorth Capital Management LLC bought a new stake in Enbridge during the 2nd quarter valued at about $28,000. Ameritas Investment Partners Inc. bought a new stake in Enbridge during the 1st quarter valued at about $29,000. Richardson Financial Services Inc. bought a new stake in Enbridge during the 1st quarter valued at about $31,000. PFS Partners LLC increased 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 in the last quarter. Finally, Northwest Bank & Trust Co bought a new stake in shares of Enbridge in the fourth quarter worth approximately $34,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

Shares of ENB stock opened at $40.52 on Thursday. The company has a 50 day moving average price of $38.61 and a 200-day moving average price of $36.72. Enbridge Inc. has a 52 week low of $31.03 and a 52 week high of $41.22. The firm has a market capitalization of $86.45 billion, a PE ratio of 20.57, a P/E/G ratio of 3.91 and a beta of 0.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the previous year, the business posted $0.51 earnings per share. As a group, equities research analysts expect that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid 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 6.60%. Enbridge’s dividend payout ratio is presently 134.01%.

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.