Exchange Traded Concepts LLC Sells 122,041 Shares of Enbridge Inc $ENB

Key Points

• Exchange Traded Concepts LLC reduced its stake in Enbridge Inc by 9.7%, selling 122,041 shares, and now holds approximately 1.14 million shares valued at around $51.5 million.
• Enbridge recently reported earnings of $0.47 per share, surpassing analysts' expectations, despite revenue falling short at $7.14 billion compared to the anticipated $10.56 billion.
• The company increased its quarterly dividend to $0.6839, reflecting a yearly payout of $2.74 and a yield of 5.6%, although its payout ratio stands at 134.98%.

Exchange Traded Concepts LLC trimmed its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 9.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,135,886 shares of the pipeline company's stock after selling 122,041 shares during the quarter. Enbridge makes up 0.6% of Exchange Traded Concepts LLC's holdings, making the stock its 25th biggest position. Exchange Traded Concepts LLC owned approximately 0.05% of Enbridge worth $51,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of ENB. Dagco Inc. bought a new position in shares of Enbridge in the 1st quarter worth $25,000. Garde Capital Inc. purchased a new position in shares of Enbridge in the first quarter worth approximately $26,000. Financial Gravity Asset Management Inc. purchased a new position in Enbridge during the first quarter valued at approximately $28,000. Accent Capital Management LLC purchased a new position in shares of Enbridge in the first quarter worth $30,000. Finally, Wolff Wiese Magana LLC lifted its holdings in shares of Enbridge by 91.3% in the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after buying an additional 365 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the stock. Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Argus raised their price objective on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Sunday. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Trading Up 0.2%

ENB stock traded up $0.10 during midday trading on Monday, hitting $49.56. 1,422,954 shares of the company's stock were exchanged, compared to its average volume of 3,891,091. The stock's fifty day moving average price is $47.14 and its 200-day moving average price is $45.65. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The company has a market cap of $108.07 billion, a PE ratio of 24.41, a price-to-earnings-growth ratio of 4.52 and a beta of 0.80. Enbridge Inc has a one year low of $39.73 and a one year high of $49.60.

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

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a dividend of $0.6839 per share. This represents a $2.74 dividend on an annualized basis and a yield of 5.5%. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is presently 134.98%.

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.