Torray Investment Partners LLC Sells 30,661 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Torray Investment Partners LLC reduced its stake in Enbridge Inc by 24.5%, selling 30,661 shares and now holding 94,392 shares valued at approximately $4.18 million.
• Multiple analysts have upgraded Enbridge's stock rating, with a consensus rating of "Moderate Buy" and a price target set at $67.00.
• Enbridge announced an increase in its quarterly dividend to $0.6839, representing an annualized dividend yield of 6.08%, with a payout ratio of 140.21%.

Torray Investment Partners LLC lessened its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 24.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,392 shares of the pipeline company's stock after selling 30,661 shares during the quarter. Torray Investment Partners LLC's holdings in Enbridge were worth $4,182,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in ENB. Garde Capital Inc. bought a new position in Enbridge in the first quarter worth approximately $26,000. Financial Gravity Asset Management Inc. bought a new stake in shares of Enbridge during the first quarter worth about $28,000. GeoWealth Management LLC raised its holdings 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 acquiring an additional 611 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 365 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in Enbridge during the 4th quarter valued at about $39,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Raymond James Financial raised Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Citigroup initiated coverage on Enbridge in a research report on Friday, April 4th. They issued a "buy" rating on the stock. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Monday, May 12th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Price Performance

Shares of NYSE ENB opened at $44.99 on Thursday. The company has a current ratio of 0.73, a quick ratio of 0.66 and a debt-to-equity ratio of 1.51. The stock has a fifty day simple moving average of $45.39 and a two-hundred day simple moving average of $44.52. Enbridge Inc has a 1-year low of $36.50 and a 1-year high of $47.44. The firm has a market cap of $98.10 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 4.20 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings data on Friday, May 9th. The pipeline company reported $0.72 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $10.20 billion. During the same quarter last year, the firm posted $0.92 EPS. Analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be paid a $0.6839 dividend. This is an increase from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date is Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 6.08%. Enbridge's dividend payout ratio (DPR) is presently 140.21%.

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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