Guinness Asset Management LTD Sells 48,783 Shares of Enbridge Inc $ENB

Key Points

• Guinness Asset Management LTD has sold 48,783 shares of Enbridge Inc, resulting in a 19% reduction of their stake, now valued at $9,214,000.
• Enbridge has recently increased its quarterly dividend to $0.6839, reflecting an annualized dividend of $2.74 and a 5.6% yield.
• Despite a lower earnings per share of $0.47 compared to $0.58 the previous year, analysts maintain a generally positive outlook with a consensus target price of $60.50.

Guinness Asset Management LTD lowered its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 19.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 207,871 shares of the pipeline company's stock after selling 48,783 shares during the period. Guinness Asset Management LTD's holdings in Enbridge were worth $9,214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ENB. Dagco Inc. acquired a new position in shares of Enbridge during the first quarter valued at about $25,000. Garde Capital Inc. purchased a new position in shares of Enbridge in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Enbridge during the 1st quarter valued at approximately $28,000. Accent Capital Management LLC purchased a new stake in Enbridge in the first quarter worth $30,000. Finally, Wolff Wiese Magana LLC increased its position in 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 during the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ENB shares. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Zacks Research raised shares of Enbridge from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Finally, Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Price Performance

Shares of ENB opened at $48.79 on Friday. The stock has a market cap of $106.40 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 4.44 and a beta of 0.80. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $48.82. The firm's 50-day simple moving average is $46.56 and its two-hundred day simple moving average is $45.30.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced 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. The business had revenue of $7.14 billion for 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 quarter in the prior year, the company earned $0.58 earnings per share. Analysts anticipate that Enbridge Inc will post 2.14 earnings per share 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 paid a $0.6839 dividend. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.6%. The ex-dividend date was Friday, August 15th. Enbridge's payout ratio is currently 134.98%.

Enbridge Company 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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