Cumberland Partners Ltd Has $849,000 Stake in Enbridge Inc (NYSE:ENB)

Key Points

• Cumberland Partners Ltd decreased its stake in Enbridge Inc by 50.2%, selling 19,291 shares and leaving them with 19,173 shares valued at approximately $849,000.
• Enbridge has received recent upgrades from several analysts, with a notable price target of $67.00 and a current average rating of "Moderate Buy."
• The company announced an increase in its quarterly dividend to $0.6839 per share, reflecting an annualized dividend yield of 5.9%.

Cumberland Partners Ltd decreased its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 50.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,173 shares of the pipeline company's stock after selling 19,291 shares during the quarter. Cumberland Partners Ltd's holdings in Enbridge were worth $849,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. IFG Advisory LLC boosted its stake in Enbridge by 7.0% in the 1st quarter. IFG Advisory LLC now owns 62,569 shares of the pipeline company's stock worth $2,772,000 after purchasing an additional 4,095 shares during the period. Baker Avenue Asset Management LP acquired a new position in Enbridge in the 1st quarter worth approximately $237,000. Commerce Bank boosted its stake in Enbridge by 6.7% in the 1st quarter. Commerce Bank now owns 193,143 shares of the pipeline company's stock worth $8,558,000 after purchasing an additional 12,123 shares during the period. MONECO Advisors LLC boosted its stake in Enbridge by 6.5% in the 1st quarter. MONECO Advisors LLC now owns 16,964 shares of the pipeline company's stock worth $752,000 after purchasing an additional 1,042 shares during the period. Finally, EagleClaw Capital Managment LLC acquired a new position in Enbridge in the 1st quarter worth approximately $322,000. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ENB shares. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Royal Bank Of Canada reissued an "outperform" rating and set a $67.00 target price on shares of Enbridge in a research note on Monday, May 12th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $67.00.

Enbridge Price Performance

Shares of Enbridge stock traded up $0.45 during trading on Tuesday, hitting $47.07. 950,103 shares of the company's stock traded hands, compared to its average volume of 3,978,043. The company has a market cap of $102.64 billion, a PE ratio of 23.16, a PEG ratio of 4.30 and a beta of 0.79. Enbridge Inc has a twelve month low of $37.04 and a twelve month high of $47.44. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66. The firm's fifty day moving average price is $45.40 and its 200 day moving average price is $44.57.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.73%. During the same period in the previous year, the business earned $0.58 earnings per share. Analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be given a dividend of $0.6839 per share. The ex-dividend date 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 dividend payout ratio (DPR) is currently 134.98%.

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.