Pettyjohn Wood & White Inc. Sells 6,506 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Pettyjohn Wood & White Inc. reduced its holdings in Enbridge Inc. by 10.6%, selling 6,506 shares, resulting in ownership of 54,797 shares valued at $2,428,000.
• Enbridge recently increased its quarterly dividend to $0.6839 per share, representing a 6.0% yield, with a payout ratio of 140.21%.
• Shares of Enbridge Inc. opened at $45.29, currently showing a market capitalization of $98.75 billion and a stock rating of "Moderate Buy" with a target price of $67.00.

Pettyjohn Wood & White Inc. lessened its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 10.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 54,797 shares of the pipeline company's stock after selling 6,506 shares during the period. Pettyjohn Wood & White Inc.'s holdings in Enbridge were worth $2,428,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Garde Capital Inc. purchased a new position in shares of Enbridge in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Enbridge in the 1st quarter worth about $28,000. GeoWealth Management LLC raised its position in shares of Enbridge by 436.4% in the 4th quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company's stock worth $32,000 after purchasing an additional 611 shares during the last quarter. Wolff Wiese Magana LLC raised its position in shares of Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after purchasing an additional 365 shares during the last quarter. Finally, Capital A Wealth Management LLC purchased a new position in shares of Enbridge in the 4th quarter worth about $39,000. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Up 0.7%

Shares of ENB opened at $45.29 on Friday. The business's 50 day simple moving average is $45.39 and its 200-day simple moving average is $44.54. Enbridge Inc has a 1 year low of $36.50 and a 1 year high of $47.44. The stock has a market capitalization of $98.75 billion, a price-to-earnings ratio of 23.34, a price-to-earnings-growth ratio of 4.19 and a beta of 0.79. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.04. Enbridge had a return on equity of 10.41% and a net margin of 10.16%. The company had revenue of $7.27 billion for the quarter, compared to analyst estimates of $10.20 billion. During the same quarter in the prior year, the firm posted $0.92 EPS. As a group, equities analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be given a dividend of $0.6839 per share. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 6.0%. Enbridge's dividend payout ratio is 140.21%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Monday, May 12th. Royal Bank Of Canada reissued an "outperform" rating and issued a $67.00 target price on shares of Enbridge in a research report on Monday, May 12th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Raymond James Financial raised Enbridge to a "moderate buy" rating in a research report on Wednesday, April 23rd. Finally, Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $67.00.

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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