Zimmer Partners LP Reduces Stock Holdings in Enbridge Inc $ENB

Key Points

• Zimmer Partners LP significantly reduced its stake in Enbridge Inc by 85.1% in Q1, holding 26,000 shares valued at $1.15 million.
• Enbridge reported a 0.47 EPS for the last quarter, surpassing expectations, though revenue was lower than predicted at $7.14 billion.
• The company recently increased its quarterly dividend to $0.6839 per share, resulting in a yield of 5.7% and a payout ratio of 134.98%.

Zimmer Partners LP reduced its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 85.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,000 shares of the pipeline company's stock after selling 149,000 shares during the quarter. Zimmer Partners LP's holdings in Enbridge were worth $1,151,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ENB. Brighton Jones LLC acquired a new stake in shares of Enbridge in the fourth quarter valued at approximately $261,000. Algert Global LLC boosted its holdings in shares of Enbridge by 26.7% in the fourth quarter. Algert Global LLC now owns 6,663 shares of the pipeline company's stock valued at $283,000 after acquiring an additional 1,405 shares during the period. Fiduciary Trust Co boosted its holdings in shares of Enbridge by 7.3% in the fourth quarter. Fiduciary Trust Co now owns 6,873 shares of the pipeline company's stock valued at $292,000 after acquiring an additional 468 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Enbridge by 3.7% in the fourth quarter. Nuveen Asset Management LLC now owns 4,951,100 shares of the pipeline company's stock valued at $210,058,000 after acquiring an additional 174,927 shares during the period. Finally, Parkwood LLC acquired a new stake in shares of Enbridge during the fourth quarter worth $5,604,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Zacks Research raised Enbridge from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Wall Street Zen downgraded Enbridge from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Argus increased their price target on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Price Performance

NYSE:ENB 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 business's 50-day moving average is $46.65 and its two-hundred day moving average is $45.36. The company has a market capitalization of $107.10 billion, a PE ratio of 24.19, a PEG ratio of 4.46 and a beta of 0.80. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $49.11.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the business posted $0.58 earnings per share. As a group, research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a $0.6839 dividend. 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 dividend yield of 5.6%. The ex-dividend date was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is 134.98%.

Enbridge 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.