Agate Pass Investment Management LLC Decreases Stake in Enbridge Inc $ENB

Agate Pass Investment Management LLC trimmed its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,245 shares of the pipeline company’s stock after selling 707 shares during the quarter. Agate Pass Investment Management LLC’s holdings in Enbridge were worth $1,733,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. PDS Planning Inc increased its holdings in shares of Enbridge by 18.6% in the 2nd quarter. PDS Planning Inc now owns 8,866 shares of the pipeline company’s stock valued at $402,000 after acquiring an additional 1,391 shares during the period. Blue Trust Inc. increased its holdings in shares of Enbridge by 12.0% in the 2nd quarter. Blue Trust Inc. now owns 16,969 shares of the pipeline company’s stock valued at $769,000 after acquiring an additional 1,816 shares during the period. Cyndeo Wealth Partners LLC acquired a new position in shares of Enbridge in the 2nd quarter valued at $361,000. M. Kraus & Co increased its holdings in shares of Enbridge by 1.2% in the 2nd quarter. M. Kraus & Co now owns 144,259 shares of the pipeline company’s stock valued at $6,538,000 after acquiring an additional 1,675 shares during the period. Finally, IFP Advisors Inc increased its holdings 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 acquiring an additional 221 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Performance

NYSE:ENB opened at $47.67 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The stock has a market cap of $103.96 billion, a PE ratio of 23.48, a price-to-earnings-growth ratio of 4.39 and a beta of 0.78. The firm’s fifty day simple moving average is $48.41 and its 200-day simple moving average is $46.25.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The business had revenue of $7.14 billion for the quarter, compared to analysts’ expectations of $10.56 billion. During the same period in the prior year, the company posted $0.58 EPS. Analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.6839 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.7%. Enbridge’s dividend payout ratio is currently 134.98%.

Wall Street Analysts Forecast Growth

ENB has been the topic of a number of recent research reports. Cibc World Mkts cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday. Zacks Research downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. CIBC downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Finally, National Bankshares restated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.50.

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.