Cadence Capital Management LLC cut its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 76.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,718 shares of the pipeline company’s stock after selling 25,209 shares during the quarter. Cadence Capital Management LLC’s holdings in Enbridge were worth $323,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Spectrum Management Group Inc. bought a new stake in shares of Enbridge in the 3rd quarter valued at about $113,000. First Personal Financial Services raised its holdings in shares of Enbridge by 16.4% in the 2nd quarter. First Personal Financial Services now owns 2,825 shares of the pipeline company’s stock valued at $112,000 after purchasing an additional 397 shares during the period. Welch Group LLC bought a new stake in shares of Enbridge in the 2nd quarter valued at about $121,000. San Francisco Sentry Investment Group CA bought a new stake in shares of Enbridge in the 2nd quarter valued at about $159,000. Finally, NEXT Financial Group Inc raised its holdings in shares of Enbridge by 53.6% in the 3rd quarter. NEXT Financial Group Inc now owns 4,196 shares of the pipeline company’s stock valued at $174,000 after purchasing an additional 1,465 shares during the period. 62.14% of the stock is currently owned by hedge funds and other institutional investors.
ENB has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. GMP Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Morgan Stanley dropped their target price on shares of Enbridge from $43.00 to $41.00 and set an “equal weight” rating on the stock in a report on Friday, November 17th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $54.00 target price on shares of Enbridge in a report on Thursday, November 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $52.00.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, November 2nd. The pipeline company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.03. Enbridge had a net margin of 7.49% and a return on equity of 5.62%. The business had revenue of $9.23 billion for the quarter, compared to analyst estimates of $8.54 billion. During the same quarter in the prior year, the business earned $0.47 EPS. analysts anticipate that Enbridge Inc will post 1.54 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be paid a $0.5278 dividend. The ex-dividend date of this dividend is Wednesday, February 14th. This represents a $2.11 dividend on an annualized basis and a yield of 5.40%. This is a positive change from Enbridge’s previous quarterly dividend of $0.47. Enbridge’s dividend payout ratio is 120.76%.
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Enbridge Company Profile
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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