JPMorgan Chase & Co. Lowers Stake in Enbridge Energy, L.P. (EEP)

JPMorgan Chase & Co. reduced its position in Enbridge Energy, L.P. (NYSE:EEP) by 8.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 3,443,346 shares of the pipeline company’s stock after selling 317,595 shares during the period. JPMorgan Chase & Co. owned 0.97% of Enbridge Energy, L.P. worth $55,094,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its stake in shares of Enbridge Energy, L.P. by 2.4% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 12,253 shares of the pipeline company’s stock valued at $196,000 after buying an additional 293 shares during the period. PARK CIRCLE Co acquired a new stake in shares of Enbridge Energy, L.P. in the 2nd quarter valued at $160,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Enbridge Energy, L.P. by 6.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 27,303 shares of the pipeline company’s stock valued at $437,000 after buying an additional 1,707 shares during the period. Penserra Capital Management LLC increased its stake in shares of Enbridge Energy, L.P. by 135.1% in the 2nd quarter. Penserra Capital Management LLC now owns 11,557 shares of the pipeline company’s stock valued at $184,000 after buying an additional 6,641 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Enbridge Energy, L.P. by 38.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 137,000 shares of the pipeline company’s stock valued at $2,192,000 after buying an additional 38,000 shares during the period. 42.76% of the stock is owned by institutional investors.

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Several research firms have recently commented on EEP. Zacks Investment Research raised Enbridge Energy, L.P. from a “sell” rating to a “hold” rating in a research note on Wednesday, August 23rd. BidaskClub cut Enbridge Energy, L.P. from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. J P Morgan Chase & Co reissued a “neutral” rating and issued a $17.00 target price on shares of Enbridge Energy, L.P. in a research note on Friday, June 23rd. Morgan Stanley cut Enbridge Energy, L.P. from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $20.00 to $19.00 in a research note on Thursday, June 15th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $21.00 target price on shares of Enbridge Energy, L.P. in a research note on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. Enbridge Energy, L.P. presently has a consensus rating of “Hold” and an average price target of $20.80.

Enbridge Energy, L.P. (NYSE:EEP) opened at 15.30 on Wednesday. The stock has a 50 day moving average price of $15.02 and a 200 day moving average price of $16.74. Enbridge Energy, L.P. has a 52-week low of $13.87 and a 52-week high of $26.37. The company’s market capitalization is $6.43 billion.

Enbridge Energy, L.P. (NYSE:EEP) last posted its quarterly earnings data on Wednesday, August 2nd. The pipeline company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.03). The company had revenue of $596.50 million during the quarter, compared to analyst estimates of $601.82 million. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 6.68%. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.22 earnings per share. Analysts anticipate that Enbridge Energy, L.P. will post $0.86 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were issued a $0.35 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 9.15%. Enbridge Energy, L.P.’s payout ratio is -160.92%.

Enbridge Energy, L.P. Company Profile

Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.

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Institutional Ownership by Quarter for Enbridge Energy, L.P. (NYSE:EEP)

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