Enbridge Inc $ENB Shares Sold by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System reduced its holdings in Enbridge Inc by 4.0%, now owning 2,860,172 shares valued at approximately $129.8 million.
• Enbridge reported a quarterly earnings per share of $0.47, exceeding analysts' expectations of $0.41, although its revenue fell short of projections at $7.14 billion.
• The company recently increased its quarterly dividend to $0.6839, reflecting an annualized yield of 5.6% and a payout ratio of 134.98%.

Maryland State Retirement & Pension System cut its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,860,172 shares of the pipeline company's stock after selling 118,402 shares during the period. Enbridge accounts for about 2.8% of Maryland State Retirement & Pension System's holdings, making the stock its 4th biggest position. Maryland State Retirement & Pension System owned 0.13% of Enbridge worth $129,798,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ENB. Goldman Sachs Group Inc. raised its holdings in Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock valued at $1,458,128,000 after acquiring an additional 19,074,827 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Enbridge during the 1st quarter valued at $208,490,000. Canada Pension Plan Investment Board grew its stake in shares of Enbridge by 39.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company's stock valued at $421,675,000 after buying an additional 2,707,068 shares during the period. Maple Brown Abbott Ltd purchased a new stake in shares of Enbridge during the 1st quarter valued at $77,976,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Enbridge by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock valued at $781,792,000 after buying an additional 1,680,116 shares during the period. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

NYSE:ENB opened at $49.05 on Thursday. 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 firm has a 50-day moving average of $48.33 and a two-hundred day moving average of $46.20. The stock has a market cap of $106.97 billion, a P/E ratio of 24.16, a PEG ratio of 4.53 and a beta of 0.78. Enbridge Inc has a 1-year low of $39.73 and a 1-year 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the prior year, the company posted $0.58 EPS. On average, research analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a $0.6839 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is currently 134.98%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on ENB shares. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Zacks Research cut shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research report on Wednesday. Seven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently 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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