Enbridge Inc $ENB Stock: Cardinal Capital Management Inc. Cuts Holdings

Cardinal Capital Management Inc. lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 47.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,173 shares of the pipeline company’s stock after selling 200,002 shares during the quarter. Cardinal Capital Management Inc.’s holdings in Enbridge were worth $10,214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. YANKCOM Partnership increased its stake in Enbridge by 2.6% during the 3rd quarter. YANKCOM Partnership now owns 13,649 shares of the pipeline company’s stock valued at $635,000 after purchasing an additional 343 shares in the last quarter. Financial & Tax Architects LLC raised its holdings in shares of Enbridge by 22.4% in the third quarter. Financial & Tax Architects LLC now owns 13,612 shares of the pipeline company’s stock worth $633,000 after buying an additional 2,488 shares during the last quarter. AdvisorNet Financial Inc raised its holdings in shares of Enbridge by 24.8% in the third quarter. AdvisorNet Financial Inc now owns 10,613 shares of the pipeline company’s stock worth $503,000 after buying an additional 2,109 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Enbridge by 2.7% during the third quarter. Assenagon Asset Management S.A. now owns 82,970 shares of the pipeline company’s stock worth $3,866,000 after buying an additional 2,217 shares during the period. Finally, Turtle Creek Wealth Advisors LLC lifted its stake in shares of Enbridge by 9.8% during the third quarter. Turtle Creek Wealth Advisors LLC now owns 54,271 shares of the pipeline company’s stock worth $2,523,000 after buying an additional 4,827 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of NYSE:ENB opened at $48.08 on Friday. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45. The company’s 50 day moving average is $48.82 and its 200 day moving average is $52.73. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The company has a market cap of $107.17 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 5.58 and a beta of 0.60.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The company had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period last year, the firm posted $0.65 EPS. On average, sell-side analysts forecast that Enbridge Inc will post 2.10 EPS for the current year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a C$0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.1%. Enbridge’s dividend payout ratio is presently 147.06%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ENB. National Bank Financial raised shares of Enbridge from a “sector perform” rating to an “outperform” rating in a report on Tuesday, September 15th. US Capital Advisors upgraded Enbridge from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. The Goldman Sachs Group initiated coverage on Enbridge in a research note on Wednesday, September 30th. They issued a “neutral” rating and a $50.00 target price for the company. TD raised Enbridge to a “buy” rating in a research report on Tuesday, September 15th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Enbridge in a research report on Monday, September 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Enbridge has a consensus rating of “Moderate Buy” and an average target price of $65.88.

About Enbridge

Enbridge Inc (NYSE: ENB) is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge’s liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.