Code Waechter LLC Trims Holdings in Enbridge Inc (NYSE:ENB)

Code Waechter LLC lessened its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 21.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 30,111 shares of the pipeline company's stock after selling 8,168 shares during the quarter. Enbridge makes up 1.1% of Code Waechter LLC's holdings, making the stock its 19th biggest position. Code Waechter LLC's holdings in Enbridge were worth $1,334,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new position in Enbridge during the first quarter valued at $28,000. Alps Advisors Inc. lifted its holdings in Enbridge by 40.1% during the first quarter. Alps Advisors Inc. now owns 17,994 shares of the pipeline company's stock valued at $797,000 after purchasing an additional 5,147 shares in the last quarter. Rogco LP lifted its holdings in Enbridge by 4.0% during the first quarter. Rogco LP now owns 11,707 shares of the pipeline company's stock valued at $519,000 after purchasing an additional 445 shares in the last quarter. Leavell Investment Management Inc. lifted its holdings in Enbridge by 1.5% during the first quarter. Leavell Investment Management Inc. now owns 24,830 shares of the pipeline company's stock valued at $1,100,000 after purchasing an additional 358 shares in the last quarter. Finally, Topsail Wealth Management LLC lifted its holdings in Enbridge by 5.1% during the first quarter. Topsail Wealth Management LLC now owns 7,301 shares of the pipeline company's stock valued at $324,000 after purchasing an additional 356 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Price Performance

Shares of NYSE:ENB traded up $0.72 during midday trading on Thursday, hitting $44.51. The company's stock had a trading volume of 5,151,426 shares, compared to its average volume of 3,964,241. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.66 and a current ratio of 0.73. The business's 50 day simple moving average is $45.58 and its 200 day simple moving average is $44.29. Enbridge Inc has a 12-month low of $35.68 and a 12-month high of $47.44. The company has a market cap of $97.05 billion, a P/E ratio of 22.94, a price-to-earnings-growth ratio of 4.13 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.04. Enbridge had a net margin of 10.16% and a return on equity of 10.41%. The business had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $10.20 billion. During the same quarter last year, the firm earned $0.92 EPS. On average, analysts forecast that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were paid a dividend of $0.679 per share. This is a boost from Enbridge's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $2.72 annualized dividend and a yield of 6.10%. Enbridge's dividend payout ratio (DPR) is 140.21%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $67.00 price objective on shares of Enbridge in a report on Monday, May 12th. Citigroup started coverage on shares of Enbridge in a research note on Friday, April 4th. They issued a "buy" rating on the stock. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research note on Monday, May 12th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $67.00.

About Enbridge

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.