Enbridge Inc $ENB Shares Sold by Chickasaw Capital Management LLC

Key Points

• Chickasaw Capital Management cut its Enbridge stake by 91.7% in the third quarter, selling 160,134 shares and retaining 14,529 shares valued at approximately $675,000.
• Despite the reduction, institutional interest remains substantial, with several major investors initiating or expanding positions; institutions and hedge funds collectively own 54.6% of Enbridge.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $65.88. Enbridge also reported quarterly EPS above estimates and offers an annualized dividend yield of approximately 8.5%.

Chickasaw Capital Management LLC lowered its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 91.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,529 shares of the pipeline company's stock after selling 160,134 shares during the quarter. Chickasaw Capital Management LLC's holdings in Enbridge were worth $675,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ENB. Deutsche Bank AG acquired a new stake in Enbridge in the 2nd quarter valued at $1,850,502,000. Ontario Teachers Pension Plan Board purchased a new position in Enbridge during the second quarter valued at $467,782,000. Auto Owners Insurance Co lifted its holdings in Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company's stock valued at $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Enbridge in the second quarter valued at about $412,627,000. Finally, Bank of America Corp DE purchased a new stake in shares of Enbridge during the second quarter worth about $380,896,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on ENB. US Capital Advisors upgraded shares of Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. BMO Capital Markets upgraded Enbridge from a "market perform" rating to an "outperform" rating and set a $79.50 price objective for the company in a research note on Monday, September 14th. Wolfe Research set a $50.00 target price on Enbridge in a report on Tuesday, August 4th. Raymond James Financial restated a "market perform" rating on shares of Enbridge in a research report on Tuesday, September 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.88.

Enbridge Stock Down 1.4%

Shares of NYSE ENB opened at $45.87 on Thursday. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The stock has a market cap of $102.23 billion, a PE ratio of 24.53, a P/E/G ratio of 5.51 and a beta of 0.60. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The company has a 50-day moving average of $49.67 and a 200 day moving average of $53.08.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to analysts' expectations of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same quarter in the prior year, the company earned $0.65 earnings per share. As a group, sell-side analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were paid a C$0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 8.5%. Enbridge's dividend payout ratio (DPR) is 147.06%.

Enbridge Company Profile

Enbridge Inc NYSE: ENB is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge's liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.

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