Enbridge Inc $ENB Stake Lowered by Spirit of America Management Corp NY

Spirit of America Management Corp NY reduced its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 18.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,127 shares of the pipeline company’s stock after selling 37,500 shares during the period. Enbridge accounts for 1.6% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 11th biggest holding. Spirit of America Management Corp NY’s holdings in Enbridge were worth $7,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. IFP Advisors Inc lifted its stake 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 purchasing an additional 221 shares during the last quarter. Capital Investment Counsel Inc lifted its stake in shares of Enbridge by 3.1% in the 1st quarter. Capital Investment Counsel Inc now owns 7,527 shares of the pipeline company’s stock valued at $333,000 after purchasing an additional 223 shares during the last quarter. Loudon Investment Management LLC lifted its stake in shares of Enbridge by 1.1% in the 1st quarter. Loudon Investment Management LLC now owns 21,201 shares of the pipeline company’s stock valued at $939,000 after purchasing an additional 240 shares during the last quarter. Key Client Fiduciary Advisors LLC lifted its stake in shares of Enbridge by 1.7% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 14,606 shares of the pipeline company’s stock valued at $662,000 after purchasing an additional 242 shares during the last quarter. Finally, Sound View Wealth Advisors Group LLC lifted its stake in shares of Enbridge by 4.8% in the 1st quarter. Sound View Wealth Advisors Group LLC now owns 5,304 shares of the pipeline company’s stock valued at $235,000 after purchasing an additional 243 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Down 0.3%

ENB stock opened at $47.07 on Friday. 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 52-week low of $39.73 and a 52-week high of $50.54. The company has a 50-day moving average of $48.47 and a two-hundred day moving average of $46.36. The stock has a market capitalization of $102.64 billion, a price-to-earnings ratio of 23.18, a price-to-earnings-growth ratio of 4.33 and a beta of 0.78.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $10.56 billion. During the same period in the prior year, the company earned $0.58 earnings per share. As a group, equities research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. The ex-dividend date was Friday, August 15th. This is a boost from Enbridge’s previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. Enbridge’s dividend payout ratio is 134.98%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. CIBC lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. National Bankshares restated a “sector perform” rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Zacks Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Six research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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.