Enbridge Inc $ENB Stock Position Cut by ProShare Advisors LLC

Key Points

• ProShare Advisors cut its Enbridge position by 11.7% in the third quarter, selling 26,495 shares. It held 200,614 shares valued at $9.325 million at quarter-end.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus from 15 analysts and an average price target of $65.88.
• Enbridge shares opened at $48.94 and were reported down 0.5%; the stock’s 52-week range is $45.03 to $58.45.

ProShare Advisors LLC decreased its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 11.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 200,614 shares of the pipeline company's stock after selling 26,495 shares during the quarter. ProShare Advisors LLC's holdings in Enbridge were worth $9,325,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Retirement Planning Group LLC boosted its stake in shares of Enbridge by 3.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company's stock valued at $290,000 after purchasing an additional 187 shares in the last quarter. Bank & Trust Co grew its holdings in shares of Enbridge by 0.6% during the 2nd quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company's stock valued at $1,804,000 after purchasing an additional 193 shares during the last quarter. Cornerstone Wealth Management LLC grew its holdings in shares of Enbridge by 0.6% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company's stock valued at $1,710,000 after purchasing an additional 194 shares during the last quarter. Clearwave Capital LLC increased its position in Enbridge by 0.9% during the 2nd quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company's stock worth $1,194,000 after purchasing an additional 204 shares in the last quarter. Finally, Clifford Swan Investment Counsel LLC increased its position in Enbridge by 2.9% during the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 7,383 shares of the pipeline company's stock worth $400,000 after purchasing an additional 206 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analyst Weigh In

ENB has been the subject of several research reports. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Enbridge in a research note on Thursday, October 22nd. TD upgraded shares of Enbridge to a "buy" rating in a research report on Tuesday, September 15th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Enbridge in a research note on Monday, September 14th. Raymond James Financial reiterated a "market perform" rating on shares of Enbridge in a report on Tuesday, September 15th. Finally, Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $65.88.

Enbridge Stock Down 0.5%

Shares of NYSE ENB opened at $48.94 on Wednesday. The company has a 50 day simple moving average of $48.23 and a 200 day simple moving average of $52.17. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a 1 year low of $45.03 and a 1 year high of $58.45. The firm has a market cap of $109.07 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 5.91 and a beta of 0.59.

Enbridge Profile

Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.

The company's operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.

Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.

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