Studio Investment Management LLC Sells 749 Shares of Enbridge Inc $ENB

Studio Investment Management LLC reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,633 shares of the pipeline company’s stock after selling 749 shares during the quarter. Studio Investment Management LLC’s holdings in Enbridge were worth $799,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Goldman Sachs Group Inc. boosted its position in shares of Enbridge by 137.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock worth $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Nuveen LLC acquired a new stake in Enbridge in the first quarter valued at approximately $208,490,000. Canada Pension Plan Investment Board boosted its position in Enbridge by 39.7% in the first quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company’s stock valued at $421,675,000 after buying an additional 2,707,068 shares in the last quarter. Maple Brown Abbott Ltd bought a new position in shares of Enbridge during the first quarter valued at $77,976,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Enbridge by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock valued at $781,792,000 after acquiring an additional 1,680,116 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ENB shares. Cibc World Mkts downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Enbridge has an average rating of “Hold” and a consensus price target of $60.50.

Enbridge Price Performance

Shares of NYSE:ENB opened at $47.29 on Wednesday. The company’s fifty day moving average price is $48.46 and its 200-day moving average price is $46.40. The firm has a market capitalization of $103.12 billion, a price-to-earnings ratio of 23.29, a PEG ratio of 4.33 and a beta of 0.78. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. The company had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter last year, the firm earned $0.58 EPS. On average, equities research analysts anticipate 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 was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a $0.6839 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s dividend payout ratio is 134.98%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, 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.