Truist Financial Corp Trims Stake in Enbridge Inc $ENB

Truist Financial Corp cut its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 819,440 shares of the pipeline company’s stock after selling 16,353 shares during the quarter. Truist Financial Corp’s holdings in Enbridge were worth $41,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. IHT Wealth Management LLC increased its position in shares of Enbridge by 1.2% during the 2nd quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock valued at $820,000 after purchasing an additional 213 shares during the last quarter. HBK Sorce Advisory LLC grew its position in Enbridge by 1.8% during the third quarter. HBK Sorce Advisory LLC now owns 12,424 shares of the pipeline company’s stock valued at $609,000 after acquiring an additional 215 shares during the last quarter. Copperleaf Capital LLC raised its stake in shares of Enbridge by 3.6% during the third quarter. Copperleaf Capital LLC now owns 6,328 shares of the pipeline company’s stock worth $319,000 after acquiring an additional 217 shares in the last quarter. South Plains Financial Inc. lifted its holdings in shares of Enbridge by 13.2% in the 2nd quarter. South Plains Financial Inc. now owns 1,887 shares of the pipeline company’s stock worth $85,000 after acquiring an additional 220 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in shares of Enbridge by 1.2% in the 2nd quarter. IFP Advisors Inc now owns 18,217 shares of the pipeline company’s stock valued at $826,000 after purchasing an additional 221 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ENB has been the subject of several analyst reports. National Bankshares restated a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Monday, November 10th. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Weiss Ratings lowered shares of Enbridge from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Finally, JPMorgan Chase & Co. cut shares of Enbridge from an “overweight” rating to a “neutral” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.00.

Enbridge Stock Performance

Enbridge stock opened at $49.27 on Friday. The stock’s 50 day moving average is $47.41 and its 200 day moving average is $47.54. The company has a market capitalization of $107.48 billion, a P/E ratio of 27.07 and a beta of 0.68. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company has a quick ratio of 0.68, a current ratio of 0.80 and a debt-to-equity ratio of 1.64.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Enbridge had a return on equity of 10.51% and a net margin of 9.20%.During the same period last year, the firm posted $0.55 earnings per share. On average, equities research analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be given a $0.97 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $3.88 dividend on an annualized basis and a yield of 7.9%. Enbridge’s payout ratio is presently 147.80%.

Enbridge Profile

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.