Enbridge Inc $ENB Holdings Cut by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Enbridge Inc by 0.6%, now holding approximately 1.97 million shares valued at $88.77 million.
• Enbridge recently declared a quarterly dividend of $0.6839 per share, resulting in a yield of 5.5% for shareholders.
• The company's earnings report showed an EPS of $0.47, exceeding expectations, despite revenue falling short of estimates at $7.14 billion.

DAVENPORT & Co LLC decreased its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 0.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,966,430 shares of the pipeline company's stock after selling 11,247 shares during the quarter. DAVENPORT & Co LLC owned approximately 0.09% of Enbridge worth $88,765,000 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. Wealth Enhancement Advisory Services LLC lifted 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 worth $19,431,000 after buying an additional 25,071 shares in the last quarter. Loudon Investment Management LLC lifted its position in Enbridge by 40.6% in the 2nd quarter. Loudon Investment Management LLC now owns 29,801 shares of the pipeline company's stock worth $1,351,000 after buying an additional 8,600 shares in the last quarter. 111 Capital purchased a new stake in Enbridge in the 2nd quarter worth approximately $1,887,000. Hartline Investment Corp lifted its position in Enbridge by 31.3% in the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock worth $1,600,000 after buying an additional 8,610 shares in the last quarter. Finally, JBR Co Financial Management Inc bought a new position in shares of Enbridge during the 1st quarter valued at $330,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Stock Performance

Shares of ENB opened at $50.11 on Monday. The company has a market capitalization of $109.27 billion, a PE ratio of 24.68, a price-to-earnings-growth ratio of 4.58 and a beta of 0.78. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The company's fifty day moving average price is $48.06 and its 200 day moving average price is $46.12.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results 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 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 quarter last year, the firm posted $0.58 EPS. As a group, analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a $0.6839 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.5%. This is a positive change from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio (DPR) is 134.98%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ENB. 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. Argus raised their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Zacks Research downgraded shares of Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a report on Saturday, September 27th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge 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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