StrongBox Wealth LLC cut its holdings in shares of Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 4.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,349 shares of the pipeline company’s stock after selling 332 shares during the quarter. StrongBox Wealth LLC’s holdings in Enbridge were worth $311,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in ENB. GQG Partners LLC increased its holdings in shares of Enbridge by 389.4% during the first quarter. GQG Partners LLC now owns 47,579,706 shares of the pipeline company’s stock worth $2,191,962,000 after purchasing an additional 37,857,799 shares during the period. Norges Bank bought a new position in Enbridge in the fourth quarter valued at approximately $676,148,000. Cook Street Consulting Inc. bought a new position in Enbridge in the fourth quarter valued at approximately $348,749,000. The Manufacturers Life Insurance Company increased its stake in Enbridge by 40.9% in the first quarter. The Manufacturers Life Insurance Company now owns 19,961,512 shares of the pipeline company’s stock valued at $920,387,000 after acquiring an additional 5,794,908 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Enbridge by 46.3% in the first quarter. JPMorgan Chase & Co. now owns 12,818,403 shares of the pipeline company’s stock valued at $590,801,000 after acquiring an additional 4,054,557 shares during the last quarter. 49.26% of the stock is owned by institutional investors.
Enbridge Stock Down 4.1 %
ENB traded down $1.66 during midday trading on Friday, hitting $38.41. The company had a trading volume of 227,572 shares, compared to its average volume of 2,778,069. Enbridge Inc. has a 52 week low of $36.21 and a 52 week high of $47.67. The company has a quick ratio of 0.49, a current ratio of 0.58 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $77.77 billion, a price-to-earnings ratio of 20.33, a PEG ratio of 2.91 and a beta of 0.79. The stock’s 50 day moving average price is $42.76 and its 200 day moving average price is $43.84.
Enbridge Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Monday, August 15th were given a $0.668 dividend. This represents a $2.67 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date of this dividend was Friday, August 12th. Enbridge’s payout ratio is 140.00%.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the stock. Raymond James raised shares of Enbridge from a “market perform” rating to an “outperform” rating in a research note on Monday, September 12th. US Capital Advisors cut shares of Enbridge from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 26th. National Bank Financial boosted their target price on shares of Enbridge from C$60.00 to C$61.00 in a research note on Tuesday, August 2nd. Finally, Industrial Alliance Securities upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a C$60.00 price target on the stock in a report on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.75.
Enbridge Company Profile
Enbridge Inc 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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