State Street Corp Sells 8,732 Shares of Enbridge Inc. (NYSE:ENB)

State Street Corp cut its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 344,325 shares of the pipeline company’s stock after selling 8,732 shares during the quarter. State Street Corp’s holdings in Enbridge were worth $13,983,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its position in Enbridge by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 4,595,454 shares of the pipeline company’s stock valued at $163,552,000 after acquiring an additional 15,218 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Enbridge by 1.3% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 329,407 shares of the pipeline company’s stock valued at $11,724,000 after purchasing an additional 4,192 shares during the period. Harbour Investments Inc. raised its position in shares of Enbridge by 3.3% during the 2nd quarter. Harbour Investments Inc. now owns 17,193 shares of the pipeline company’s stock valued at $612,000 after acquiring an additional 555 shares during the last quarter. HB Wealth Management LLC grew its position in shares of Enbridge by 8.9% during the 2nd quarter. HB Wealth Management LLC now owns 8,811 shares of the pipeline company’s stock worth $314,000 after buying an additional 717 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Enbridge by 3.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock valued at $294,000 after buying an additional 298 shares during the period. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on ENB shares. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Morgan Stanley began coverage on shares of Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $63.00 price target (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Trading Up 0.2 %

Shares of Enbridge stock opened at $41.87 on Wednesday. The firm’s 50-day moving average price is $42.05 and its two-hundred day moving average price is $39.55. The company has a market capitalization of $91.20 billion, a price-to-earnings ratio of 19.38, a PEG ratio of 4.18 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. Enbridge Inc. has a 12-month low of $32.85 and a 12-month high of $44.13.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the prior year, the firm earned $0.46 EPS. On average, analysts forecast that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 6.40%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s payout ratio is presently 124.07%.

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.