Beacon Financial Group cut its holdings in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 42.9% during the 1st quarter, Holdings Channel reports. The firm owned 14,967 shares of the pipeline company’s stock after selling 11,250 shares during the period. Beacon Financial Group’s holdings in Enbridge were worth $810,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. Triumph Capital Management purchased a new stake in Enbridge in the 3rd quarter valued at approximately $26,000. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the third quarter worth $28,000. Inspire Investing LLC acquired a new position in shares of Enbridge in the fourth quarter worth $29,000. Imprint Wealth LLC acquired a new position in shares of Enbridge in the third quarter worth $31,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Enbridge in the fourth quarter valued at $30,000. 54.60% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Royal Bank Of Canada upped their target price on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.50.
Enbridge Stock Up 0.1%
Shares of ENB opened at $54.64 on Friday. Enbridge Inc has a fifty-two week low of $44.13 and a fifty-two week high of $58.45. The company’s fifty day moving average is $55.48 and its two-hundred day moving average is $52.65. The firm has a market cap of $119.34 billion, a PE ratio of 25.65 and a beta of 0.58. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69.
Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period in the prior year, the firm posted $1.03 EPS. Analysts forecast that Enbridge Inc will post 2.15 earnings per share for the current year.
Enbridge Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date was Friday, May 15th. Enbridge’s dividend payout ratio (DPR) is 133.80%.
About Enbridge
Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.
The company serves customers primarily in Canada and the United States and has interests in other international energy projects.
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