Addenda Capital Inc. Trims Stock Position in Enbridge Inc $ENB

Key Points

• Addenda Capital Inc. has reduced its stake in Enbridge Inc. by 1.8%, now holding approximately 1.45 million shares valued at about $65.6 million.
• Enbridge recently increased its quarterly dividend to $0.6839, which equates to an annualized dividend of $2.74 and a yield of 5.5%.
• Analysts have mixed views on Enbridge, with price targets ranging from $50.00 to $60.50, while the company maintains a consensus rating of "Moderate Buy".

Addenda Capital Inc. trimmed its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,448,383 shares of the pipeline company's stock after selling 26,655 shares during the period. Enbridge makes up approximately 2.9% of Addenda Capital Inc.'s investment portfolio, making the stock its 9th largest holding. Addenda Capital Inc. owned 0.07% of Enbridge worth $65,641,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Dagco Inc. acquired a new stake in shares of Enbridge in the first quarter valued at about $25,000. Garde Capital Inc. acquired a new position in shares of Enbridge during the first quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Enbridge during the first quarter worth $28,000. Accent Capital Management LLC acquired a new position in shares of Enbridge during the first quarter worth $30,000. Finally, Wolff Wiese Magana LLC increased its holdings in Enbridge by 91.3% in the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after purchasing an additional 365 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

Shares of NYSE ENB opened at $49.59 on Friday. The company's fifty day moving average price is $47.58 and its 200 day moving average price is $45.87. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $50.15. The company has a market capitalization of $108.15 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 4.54 and a beta of 0.80. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period last year, the firm posted $0.58 earnings per share. On average, research analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date was Friday, August 15th. Enbridge's payout ratio is presently 134.98%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. National Bankshares restated a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Finally, Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Sunday, September 21st. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

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.

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