Goelzer Investment Management Inc. lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 31.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 246,112 shares of the pipeline company’s stock after selling 114,394 shares during the quarter. Goelzer Investment Management Inc.’s holdings in Enbridge were worth $8,634,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Tiedemann Advisors LLC lifted its stake in shares of Enbridge by 3.5% in the 3rd quarter. Tiedemann Advisors LLC now owns 353,948 shares of the pipeline company’s stock valued at $12,418,000 after purchasing an additional 12,126 shares during the period. Rational Advisors LLC lifted its stake in shares of Enbridge by 107.0% in the 3rd quarter. Rational Advisors LLC now owns 1,219 shares of the pipeline company’s stock valued at $43,000 after purchasing an additional 630 shares during the period. Corient Capital Partners LLC raised its stake in Enbridge by 10.0% during the 3rd quarter. Corient Capital Partners LLC now owns 75,702 shares of the pipeline company’s stock worth $2,656,000 after buying an additional 6,879 shares during the period. Arbor Wealth Management LLC raised its stake in Enbridge by 0.5% during the 3rd quarter. Arbor Wealth Management LLC now owns 284,039 shares of the pipeline company’s stock worth $9,964,000 after buying an additional 1,352 shares during the period. Finally, D.A. Davidson & CO. raised its stake in Enbridge by 1.4% during the 3rd quarter. D.A. Davidson & CO. now owns 186,900 shares of the pipeline company’s stock worth $6,556,000 after buying an additional 2,534 shares during the period. 54.18% of the stock is currently owned by institutional investors.
ENB has been the topic of several research analyst reports. Scotiabank raised Enbridge from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. ValuEngine downgraded Enbridge from a “sell” rating to a “strong sell” rating in a research note on Friday, November 1st. Barclays downgraded Enbridge from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $52.00 to $51.00 in a research note on Tuesday, October 15th. Goldman Sachs Group initiated coverage on Enbridge in a research note on Thursday, July 18th. They set a “neutral” rating on the stock. Finally, Wells Fargo & Co raised their price objective on Enbridge from $51.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $46.75.
Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 8th. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.42. The firm had revenue of $8.79 billion during the quarter, compared to analysts’ expectations of $11.65 billion. Enbridge had a return on equity of 8.29% and a net margin of 12.07%. During the same quarter in the prior year, the company earned $0.55 EPS. As a group, equities research analysts forecast that Enbridge Inc will post 2.06 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a dividend of $0.561 per share. This represents a $2.24 dividend on an annualized basis and a yield of 5.79%. The ex-dividend date is Thursday, November 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.56. Enbridge’s dividend payout ratio is 107.80%.
Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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