Summit Securities Group LLC reduced its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 69.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,900 shares of the pipeline company's stock after selling 6,585 shares during the quarter. Summit Securities Group LLC's holdings in Enbridge were worth $128,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Enbridge by 1.7% during the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after acquiring an additional 1,569,879 shares in the last quarter. GQG Partners LLC raised its stake in shares of Enbridge by 1.5% during the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock valued at $3,338,405,000 after purchasing an additional 1,148,580 shares during the period. TD Asset Management Inc lifted its holdings in Enbridge by 1.3% during the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock worth $1,737,602,000 after purchasing an additional 513,058 shares in the last quarter. Deutsche Bank AG lifted its holdings in Enbridge by 13.9% during the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after purchasing an additional 4,426,684 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after purchasing an additional 19,074,827 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.
Enbridge Price Performance
ENB traded up $0.8150 during trading on Wednesday, reaching $48.0050. The stock had a trading volume of 4,189,500 shares, compared to its average volume of 4,011,633. The business has a 50-day moving average of $45.60 and a 200-day moving average of $44.77. Enbridge Inc has a one year low of $38.85 and a one year high of $48.21. 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 stock has a market cap of $104.68 billion, a PE ratio of 23.65, a PEG ratio of 4.27 and a beta of 0.79.
Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. The firm had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same period in the prior year, the business earned $0.58 EPS. As a group, equities research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.
Enbridge Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a $0.6839 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date is Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio (DPR) is presently 134.98%.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Zacks Research upgraded shares of Enbridge from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research report on Wednesday, April 23rd. Finally, Argus upped their target price on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $60.50.
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About Enbridge
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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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