Code Waechter LLC Sells 9,704 Shares of Enbridge Inc $ENB

Code Waechter LLC trimmed its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 32.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,407 shares of the pipeline company’s stock after selling 9,704 shares during the quarter. Enbridge accounts for 0.7% of Code Waechter LLC’s holdings, making the stock its 29th largest holding. Code Waechter LLC’s holdings in Enbridge were worth $925,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Dagco Inc. bought a new position in Enbridge in the first quarter valued at approximately $25,000. Whipplewood Advisors LLC boosted its position in Enbridge by 112.4% in the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock valued at $26,000 after buying an additional 308 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new stake in Enbridge in the first quarter valued at approximately $28,000. Accent Capital Management LLC acquired a new stake in Enbridge in the first quarter valued at approximately $30,000. Finally, FNY Investment Advisers LLC acquired a new stake in Enbridge in the second quarter valued at approximately $36,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cibc World Mkts lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Zacks Research lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday, October 20th. Wall Street Zen lowered 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 issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $60.50.

Enbridge Price Performance

Shares of NYSE:ENB opened at $46.60 on Tuesday. The firm has a market cap of $101.64 billion, a PE ratio of 22.96, a price-to-earnings-growth ratio of 4.31 and a beta of 0.78. The firm’s fifty day moving average is $48.35 and its 200-day moving average is $46.72. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $50.54.

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

Enbridge Company Profile

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.