Enbridge Inc. (NYSE:ENB) Shares Sold by Park Place Capital Corp

Park Place Capital Corp cut its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 16.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,433 shares of the pipeline company’s stock after selling 2,942 shares during the quarter. Park Place Capital Corp’s holdings in Enbridge were worth $586,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ENB. M&G Plc purchased a new position in Enbridge in the first quarter worth $152,843,000. Cibc World Market Inc. raised its position in 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 acquiring an additional 3,693,495 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Enbridge by 66.9% in the first quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock worth $327,172,000 after acquiring an additional 3,624,089 shares in the last quarter. National Bank of Canada FI raised its position in Enbridge by 11.3% in the first quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company’s stock worth $818,370,000 after acquiring an additional 2,203,123 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Enbridge by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 83,053,455 shares of the pipeline company’s stock worth $2,991,585,000 after acquiring an additional 1,561,598 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of ENB stock traded down $0.36 during mid-day trading on Tuesday, reaching $40.46. The stock had a trading volume of 937,729 shares, compared to its average volume of 5,055,854. Enbridge Inc. has a 12-month low of $31.31 and a 12-month high of $41.35. The company has a market cap of $86.34 billion, a P/E ratio of 20.56, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93. The business has a 50-day simple moving average of $39.78 and a 200 day simple moving average of $37.21. The company has a current ratio of 0.77, a quick ratio of 0.68 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter last year, the business posted $0.51 earnings per share. On average, sell-side analysts anticipate that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were given a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.61%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio is currently 134.01%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $51.50.

Enbridge 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.