Enbridge Inc (NYSE:ENB) Shares Sold by Altfest L J & Co. Inc.

Key Points

• Altfest L J & Co. Inc. reduced its position in Enbridge Inc by 34.7%, now holding 18,688 shares worth approximately $828,000.
• Enbridge recently increased its quarterly dividend to $0.6839, establishing an annual yield of 5.8%, up from $0.68.
• Equities analysts rate Enbridge with an average rating of "Moderate Buy" and have set a price target of $67.00.

Altfest L J & Co. Inc. decreased its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 34.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 18,688 shares of the pipeline company's stock after selling 9,936 shares during the period. Altfest L J & Co. Inc.'s holdings in Enbridge were worth $828,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Goldman Sachs Group Inc. boosted its stake in Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after purchasing an additional 19,074,827 shares in the last quarter. Blackstone Inc. boosted its stake in Enbridge by 650.7% in the 4th quarter. Blackstone Inc. now owns 5,718,089 shares of the pipeline company's stock worth $242,619,000 after purchasing an additional 4,956,379 shares in the last quarter. Deutsche Bank AG boosted its stake in Enbridge by 13.9% in the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after purchasing an additional 4,426,684 shares in the last quarter. Vanguard Group Inc. boosted its stake in Enbridge by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after purchasing an additional 1,569,879 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Enbridge by 20.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 6,818,919 shares of the pipeline company's stock worth $289,044,000 after purchasing an additional 1,135,000 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on ENB shares. National Bankshares restated a "sector perform" rating on shares of Enbridge in a research note on Tuesday. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Raymond James Financial upgraded shares of Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Price Performance

NYSE:ENB traded down $0.05 during trading hours on Friday, reaching $47.03. 2,387,065 shares of the company were exchanged, compared to its average volume of 3,980,450. The company has a current ratio of 0.75, a quick ratio of 0.66 and a debt-to-equity ratio of 1.58. The stock's 50-day moving average is $45.48 and its 200-day moving average is $44.63. The firm has a market cap of $102.55 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 4.32 and a beta of 0.79. Enbridge Inc has a twelve month low of $38.44 and a twelve month high of $47.44.

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 for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the prior year, the business posted $0.58 earnings per share. On average, sell-side analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a dividend of $0.6839 per share. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.8%. Enbridge's payout ratio is currently 133.99%.

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.