Parsons Capital Management Inc. RI Has $650,000 Position in Enbridge Inc $ENB

Key Points

• Parsons Capital Management Inc. has significantly reduced its stake in Enbridge Inc by 75%, holding 14,345 shares valued at $650,000 after selling 43,044 shares in the second quarter.
• Enbridge recently announced a quarterly dividend of $0.6839 per share, increasing its annualized dividend yield to 5.5%, with a payout ratio of 134.98%.
• Analysts have mixed ratings on Enbridge, with a consensus rating of "Moderate Buy" and an average target price of $60.50, while some firms have upgraded or downgraded their ratings in recent months.

Parsons Capital Management Inc. RI reduced its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 75.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,345 shares of the pipeline company's stock after selling 43,044 shares during the period. Parsons Capital Management Inc. RI's holdings in Enbridge were worth $650,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ENB. Pure Financial Advisors LLC bought a new stake in Enbridge during the second quarter worth about $281,000. Bartlett & CO. Wealth Management LLC raised its holdings in Enbridge by 1.1% during the second quarter. Bartlett & CO. Wealth Management LLC now owns 77,774 shares of the pipeline company's stock worth $3,524,000 after acquiring an additional 813 shares in the last quarter. Loudon Investment Management LLC raised its holdings in Enbridge by 40.6% during the second quarter. Loudon Investment Management LLC now owns 29,801 shares of the pipeline company's stock worth $1,351,000 after acquiring an additional 8,600 shares in the last quarter. Marino Stram & Associates LLC raised its holdings in Enbridge by 11.1% during the second quarter. Marino Stram & Associates LLC now owns 24,222 shares of the pipeline company's stock worth $1,098,000 after acquiring an additional 2,412 shares in the last quarter. Finally, Rogco LP raised its holdings in Enbridge by 18.1% during the second quarter. Rogco LP now owns 13,830 shares of the pipeline company's stock worth $627,000 after acquiring an additional 2,123 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ENB. National Bankshares reiterated a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Argus upped 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. Wall Street Zen lowered Enbridge from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Zacks Research lowered Enbridge from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Finally, Jefferies Financial Group upgraded Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Enbridge Price Performance

NYSE:ENB opened at $49.69 on Friday. 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 stock's 50 day moving average price is $47.96 and its two-hundred day moving average price is $46.04. The firm has a market capitalization of $108.35 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 4.54 and a beta of 0.78. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results 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 company had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter last year, the company earned $0.58 earnings per share. On average, analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current 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 dividend of $0.6839 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.5%. This is an increase from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge's dividend payout ratio is 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.

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.