Reliant Investment Partners LLC Cuts Position in Enbridge Inc $ENB

Reliant Investment Partners LLC trimmed its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 8,846 shares of the pipeline company’s stock after selling 222 shares during the period. Reliant Investment Partners LLC’s holdings in Enbridge were worth $401,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ENB. Vanguard Group Inc. increased its position in Enbridge by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company’s stock valued at $4,124,271,000 after buying an additional 1,569,879 shares in the last quarter. GQG Partners LLC boosted its holdings in Enbridge by 1.5% in the first quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company’s stock worth $3,338,405,000 after acquiring an additional 1,148,580 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Enbridge by 1.6% in the second quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company’s stock worth $1,804,913,000 after acquiring an additional 617,577 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Enbridge by 137.9% during the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Enbridge by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock worth $781,792,000 after purchasing an additional 1,680,116 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, October 8th. CIBC downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Zacks Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Scotiabank reissued a “sector perform” rating on shares of Enbridge in a research report on Monday, October 20th. Finally, Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Enbridge currently has an average rating of “Hold” and a consensus target price of $60.50.

Enbridge Stock Performance

Shares of ENB opened at $47.27 on Tuesday. The firm has a market capitalization of $103.08 billion, a P/E ratio of 23.28, a PEG ratio of 4.32 and a beta of 0.78. 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 Inc has a one year low of $39.73 and a one year high of $50.54. The business has a fifty day moving average of $48.45 and a 200 day moving average of $46.60.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter in the prior year, the company earned $0.58 earnings per share. As a group, sell-side analysts anticipate that Enbridge Inc will post 2.14 EPS for the current year.

About Enbridge

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.