Farmers Trust Co. Trims Stake in Enbridge Inc. (NYSE:ENB)

Farmers Trust Co. lowered its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,065 shares of the pipeline company’s stock after selling 500 shares during the quarter. Farmers Trust Co.’s holdings in Enbridge were worth $287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of ENB. Vanguard Group Inc. grew its holdings in Enbridge by 1.5% in the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after purchasing an additional 1,227,031 shares during the period. TD Asset Management Inc grew its holdings in Enbridge by 0.9% in the first quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock worth $1,377,708,000 after purchasing an additional 337,729 shares during the period. 1832 Asset Management L.P. grew its holdings in Enbridge by 3.9% in the first quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock worth $1,325,982,000 after purchasing an additional 1,360,439 shares during the period. Cibc World Market Inc. lifted its stake in shares of Enbridge by 12.8% in the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after buying an additional 3,693,495 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Enbridge by 3.7% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock worth $821,331,000 after buying an additional 827,540 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

ENB traded up $0.33 during trading on Friday, hitting $41.08. The company’s stock had a trading volume of 2,297,430 shares, compared to its average volume of 5,090,926. 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 Inc. has a one year low of $31.17 and a one year high of $41.35. The firm has a market cap of $87.66 billion, a PE ratio of 20.85, a P/E/G ratio of 3.93 and a beta of 0.93. The business’s 50 day simple moving average is $39.70 and its 200-day simple moving average is $37.15.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same period last year, the firm earned $0.51 earnings per share. As a group, sell-side analysts predict that Enbridge Inc. will post 2.08 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently disclosed 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 was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.51%. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Enbridge currently has an average rating of “Hold” and an average target price of $51.50.

Enbridge Company Profile

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.