Beacon Investment Advisory Services Inc. Trims Stake in Enbridge Inc (ENB)
Beacon Investment Advisory Services Inc. trimmed its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 31.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 78,203 shares of the pipeline company’s stock after selling 35,426 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Enbridge were worth $2,791,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Millennium Management LLC purchased a new position in Enbridge during the fourth quarter worth about $2,231,000. Argent Trust Co raised its holdings in Enbridge by 49.7% during the fourth quarter. Argent Trust Co now owns 19,244 shares of the pipeline company’s stock worth $752,000 after purchasing an additional 6,388 shares in the last quarter. Global X Management Co. LLC raised its holdings in Enbridge by 32.9% during the first quarter. Global X Management Co. LLC now owns 1,140,692 shares of the pipeline company’s stock worth $35,898,000 after purchasing an additional 282,153 shares in the last quarter. Lincluden Management Ltd. raised its holdings in Enbridge by 33.4% during the first quarter. Lincluden Management Ltd. now owns 1,488,955 shares of the pipeline company’s stock worth $46,796,000 after purchasing an additional 372,890 shares in the last quarter. Finally, FDx Advisors Inc. raised its holdings in Enbridge by 16.9% during the first quarter. FDx Advisors Inc. now owns 138,473 shares of the pipeline company’s stock worth $4,357,000 after purchasing an additional 20,012 shares in the last quarter. 60.17% of the stock is owned by institutional investors and hedge funds.
Shares of Enbridge stock opened at $36.22 on Tuesday. Enbridge Inc has a 12-month low of $29.00 and a 12-month high of $42.10. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.56 and a quick ratio of 0.47. The stock has a market capitalization of $61.55 billion, a price-to-earnings ratio of 23.52, a P/E/G ratio of 2.01 and a beta of 0.61.
Several research analysts recently issued reports on the stock. ValuEngine cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Thursday, August 2nd. CIBC cut shares of Enbridge to a “buy” rating and set a $57.00 price target for the company. in a report on Tuesday, May 22nd. BMO Capital Markets cut their price target on shares of Enbridge from $61.00 to $59.00 and set an “outperform” rating for the company in a report on Thursday, June 14th. Bank of America raised shares of Enbridge from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $50.00 in a report on Friday. Finally, Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, May 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Enbridge currently has a consensus rating of “Hold” and a consensus target price of $51.40.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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