TrueMark Investments LLC Reduces Stock Position in Enbridge Inc $ENB

Key Points

• TrueMark Investments LLC has reduced its stock position in Enbridge Inc by 13.2%, owning 178,424 shares valued at approximately $8.08 million after selling 27,132 shares.
• Several other institutional investors, including Goldman Sachs and Canada Pension Plan Investment Board, have increased their stakes in Enbridge, indicating varied investor sentiment.
• Equities analysts have downgraded Enbridge's rating from "outperform" to "neutral," reflecting a consensus rating of "Hold" with a target price set at $60.50.

TrueMark Investments LLC decreased its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 13.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 178,424 shares of the pipeline company's stock after selling 27,132 shares during the quarter. Enbridge makes up 1.7% of TrueMark Investments LLC's holdings, making the stock its 7th largest holding. TrueMark Investments LLC's holdings in Enbridge were worth $8,086,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ENB. Goldman Sachs Group Inc. grew its position in shares of Enbridge by 137.9% during 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 buying an additional 19,074,827 shares in the last quarter. Nuveen LLC bought a new stake in Enbridge during the first quarter valued at about $208,490,000. Canada Pension Plan Investment Board boosted its position in Enbridge by 39.7% during the first quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company's stock valued at $421,675,000 after purchasing an additional 2,707,068 shares in the last quarter. Maple Brown Abbott Ltd bought a new stake in Enbridge during the first quarter valued at about $77,976,000. Finally, JPMorgan Chase & Co. boosted its position in Enbridge by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock valued at $781,792,000 after purchasing an additional 1,680,116 shares in the last quarter. Institutional investors own 54.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. CIBC downgraded Enbridge from an "outperform" rating to a "neutral" rating in a research report on Thursday, October 9th. Zacks Research downgraded Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Wall Street Zen downgraded Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Finally, Cibc World Mkts downgraded Enbridge from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $60.50.

Enbridge Price Performance

Shares of NYSE ENB opened at $47.07 on Friday. 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 company has a market cap of $102.64 billion, a PE ratio of 23.18, a P/E/G ratio of 4.32 and a beta of 0.78. The business has a 50-day simple moving average of $48.47 and a two-hundred day simple moving average of $46.36. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the company earned $0.58 earnings per share. As a group, equities analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a $0.6839 dividend. The ex-dividend date was Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. Enbridge's dividend payout ratio (DPR) is 134.98%.

About Enbridge

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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