Westbourne Investments Inc. Sells 10,250 Shares of Enbridge Inc $ENB

Key Points

• Westbourne Investments Inc. reduced its stake in Enbridge Inc. by 21.3%, selling 10,250 shares in the first quarter, leaving it with a total of 37,867 shares valued at approximately $1.68 million.
• Enbridge recently announced a quarterly dividend of $0.6839 per share, reflecting a 5.6% dividend yield, which is an increase from the previous dividend.
• Analysts have adjusted their ratings for Enbridge, with Zacks Research upgrading it to a "strong-buy," while other firms have set a range for the stock's target price, indicating positive expectations for its performance.

Westbourne Investments Inc. lowered its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 21.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,867 shares of the pipeline company's stock after selling 10,250 shares during the quarter. Westbourne Investments Inc.'s holdings in Enbridge were worth $1,678,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Indiana Trust & Investment Management Co raised its holdings in shares of Enbridge by 35.8% during the first quarter. Indiana Trust & Investment Management Co now owns 2,142 shares of the pipeline company's stock valued at $95,000 after acquiring an additional 565 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Enbridge by 83.7% during the first quarter. Acadian Asset Management LLC now owns 131,671 shares of the pipeline company's stock valued at $5,829,000 after acquiring an additional 60,002 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Enbridge by 13.0% during the first quarter. Geneos Wealth Management Inc. now owns 19,478 shares of the pipeline company's stock valued at $863,000 after acquiring an additional 2,243 shares during the period. Bluefin Capital Management LLC acquired a new stake in shares of Enbridge during the first quarter valued at approximately $292,000. Finally, Belpointe Asset Management LLC raised its holdings in shares of Enbridge by 7.3% during the first quarter. Belpointe Asset Management LLC now owns 8,516 shares of the pipeline company's stock valued at $377,000 after acquiring an additional 579 shares during the period. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Stock Up 0.6%

ENB stock traded up $0.30 during trading hours on Friday, hitting $49.11. The company's stock had a trading volume of 2,011,439 shares, compared to its average volume of 3,120,296. 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 company has a market capitalization of $107.10 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 4.46 and a beta of 0.80. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $49.11. The stock has a 50 day moving average price of $46.65 and a two-hundred day moving average price of $45.36.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the previous year, the firm posted $0.58 earnings per share. On average, equities research analysts expect 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 was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a $0.6839 dividend. This is a positive change from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's payout ratio is presently 134.98%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ENB. Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Zacks Research raised shares of Enbridge from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $60.50.

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.