Enbridge Inc $ENB Shares Sold by Spirit of America Management Corp NY

Key Points

• Spirit of America Management Corp NY reduced its holdings in Enbridge Inc by 18.5%, selling 37,500 shares and now owning 165,127 shares worth $7,484,000.
• Enbridge recently declared a quarterly dividend of $0.6839 per share, marking an increase from its previous dividend, which represents a 5.8% yield.
• The pipeline company reported a Q2 EPS of $0.47, beating expectations, but saw revenue fall short at $7.14 billion compared to estimates of $10.56 billion.

Spirit of America Management Corp NY decreased its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 18.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 165,127 shares of the pipeline company's stock after selling 37,500 shares during the quarter. Enbridge accounts for about 1.6% of Spirit of America Management Corp NY's investment portfolio, making the stock its 11th largest position. Spirit of America Management Corp NY's holdings in Enbridge were worth $7,484,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Enbridge by 1.7% in the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after buying an additional 1,569,879 shares during the last quarter. GQG Partners LLC grew its position in Enbridge by 1.5% in the first quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock worth $3,338,405,000 after buying an additional 1,148,580 shares during the last quarter. TD Asset Management Inc grew its position in Enbridge by 1.6% in the second quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company's stock worth $1,804,913,000 after buying an additional 617,577 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Enbridge by 137.9% in the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after buying an additional 19,074,827 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Enbridge by 10.5% in the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock worth $781,792,000 after buying an additional 1,680,116 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Trading Down 0.3%

Shares of NYSE:ENB opened at $47.07 on Friday. The firm has a fifty day moving average of $48.47 and a two-hundred day moving average of $46.36. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The firm has a market capitalization of $102.64 billion, a P/E ratio of 23.18, a price-to-earnings-growth ratio of 4.33 and a beta of 0.78.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The business had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. During the same period in the previous year, the company posted $0.58 EPS. On average, equities analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a dividend of $0.6839 per share. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is presently 134.98%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ENB. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. CIBC cut shares of Enbridge from an "outperform" rating to a "neutral" rating in a research report on Thursday, October 9th. National Bankshares reiterated a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research report on Wednesday, October 8th. Finally, Argus lifted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus 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.

Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.