Enbridge Inc $ENB Shares Sold by Mechanics Bank Trust Department

Key Points

• Mechanics Bank Trust Department reduced its stake in Enbridge Inc by 23.9%, selling 15,497 shares during the second quarter, leaving them with 49,272 shares valued at approximately $2.23 million.
• Recent dividend increase to $0.6839 from the previous $0.68 reflects Enbridge's commitment to rewarding shareholders, resulting in a current annualized yield of 5.5%.
• Enbridge recently reported a quarterly earnings per share (EPS) of $0.47, exceeding estimates, with anticipated EPS for the fiscal year projected at $2.14.

Mechanics Bank Trust Department lessened its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 23.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 49,272 shares of the pipeline company's stock after selling 15,497 shares during the quarter. Mechanics Bank Trust Department's holdings in Enbridge were worth $2,233,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC purchased a new stake in Enbridge during the 4th quarter valued at $261,000. Vise Technologies Inc. increased its stake in shares of Enbridge by 44.5% during the fourth quarter. Vise Technologies Inc. now owns 22,986 shares of the pipeline company's stock valued at $975,000 after buying an additional 7,077 shares during the period. Public Employees Retirement System of Ohio raised its holdings in shares of Enbridge by 18.1% during the fourth quarter. Public Employees Retirement System of Ohio now owns 518,750 shares of the pipeline company's stock valued at $22,009,000 after acquiring an additional 79,549 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Enbridge in the fourth quarter worth $199,000. Finally, Integrated Advisors Network LLC increased its position in Enbridge by 71.9% during the 4th quarter. Integrated Advisors Network LLC now owns 14,330 shares of the pipeline company's stock valued at $608,000 after purchasing an additional 5,996 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Sunday. Zacks Research lowered Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Argus boosted their target price on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. National Bankshares restated a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Trading Down 0.5%

ENB traded down $0.25 during trading on Monday, reaching $49.21. The company had a trading volume of 3,258,334 shares, compared to its average volume of 2,820,199. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The business has a 50 day simple moving average of $47.22 and a 200-day simple moving average of $45.70. The stock has a market cap of $107.31 billion, a P/E ratio of 24.24, a PEG ratio of 4.52 and a beta of 0.80. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $49.60.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The company had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. During the same period in the prior year, the firm earned $0.58 earnings per share. On average, equities analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a $0.6839 dividend. This represents a $2.74 annualized dividend and a dividend yield of 5.6%. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is 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.