Atria Wealth Solutions Inc. Lowers Stock Holdings in Enbridge Inc $ENB

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in Enbridge Inc by 19.1%, selling 22,320 shares to own 94,312 shares valued at approximately $4.27 million.
• Enbridge reported a quarterly earnings per share (EPS) of $0.47, surpassing analysts' expectations, despite revenue falling short at $7.14 billion against a forecast of $10.56 billion.
• The company's recent dividend was increased slightly to $0.6839 per share, reflecting a 5.7% dividend yield and a high dividend payout ratio of 134.98%.

Atria Wealth Solutions Inc. trimmed its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 19.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,312 shares of the pipeline company's stock after selling 22,320 shares during the period. Atria Wealth Solutions Inc.'s holdings in Enbridge were worth $4,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in ENB. Brighton Jones LLC purchased a new stake in Enbridge in the 4th quarter valued at about $261,000. Assenagon Asset Management S.A. boosted its position in Enbridge by 0.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 75,420 shares of the pipeline company's stock valued at $3,337,000 after buying an additional 320 shares during the period. CX Institutional purchased a new stake in Enbridge in the 1st quarter valued at about $85,000. Wealth Enhancement Advisory Services LLC boosted its position in Enbridge by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock valued at $19,431,000 after buying an additional 25,071 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its position in Enbridge by 2.5% in the 1st quarter. Trust Co. of Toledo NA OH now owns 14,081 shares of the pipeline company's stock valued at $624,000 after buying an additional 350 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Trading Up 0.1%

NYSE ENB opened at $47.74 on Tuesday. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The firm has a market cap of $104.10 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 4.38 and a beta of 0.78. The company has a 50 day moving average price of $48.44 and a 200 day moving average price of $46.30. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.54.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. The firm had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the previous year, the business posted $0.58 EPS. As a group, sell-side analysts forecast that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a dividend of $0.6839 per share. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.7%. Enbridge's dividend payout ratio (DPR) is presently 134.98%.

Analysts Set New Price Targets

Several research firms have issued reports on ENB. Cibc World Mkts cut shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 9th. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a report on Wednesday, October 8th. Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. CIBC lowered shares of Enbridge from an "outperform" rating to a "neutral" rating in a report on Thursday. Finally, Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target 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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