Enbridge Inc (ENB) Shares Sold by Davis Rea Ltd.
Davis Rea Ltd. reduced its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 157,843 shares of the pipeline company’s stock after selling 1,501 shares during the period. Enbridge comprises about 4.0% of Davis Rea Ltd.’s investment portfolio, making the stock its 10th largest position. Davis Rea Ltd.’s holdings in Enbridge were worth $6,281,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of ENB. Goelzer Investment Management Inc. bought a new stake in Enbridge during the first quarter valued at approximately $4,602,000. Meyer Handelman Co. bought a new stake in Enbridge during the first quarter valued at approximately $7,364,000. M. Kraus & Co bought a new stake in Enbridge during the first quarter valued at approximately $5,227,000. Tdam USA Inc. bought a new stake in Enbridge during the first quarter valued at approximately $970,000. Finally, Tealwood Asset Management Inc. bought a new stake in Enbridge during the first quarter valued at approximately $4,678,000. 63.83% of the stock is owned by institutional investors and hedge funds.
Enbridge Inc (ENB) opened at 40.61 on Thursday. The stock has a market capitalization of $66.84 billion, a P/E ratio of 32.88 and a beta of 0.62. The stock’s 50 day moving average price is $40.60 and its 200-day moving average price is $41.01. Enbridge Inc has a 52 week low of $37.37 and a 52 week high of $45.77.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.05. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The firm had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the previous year, the firm earned $0.50 EPS. Equities research analysts expect that Enbridge Inc will post $1.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be issued a dividend of $0.489 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.96 annualized dividend and a yield of 4.82%. Enbridge’s payout ratio is presently 173.79%.
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Several analysts have commented on ENB shares. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a research note on Monday, April 24th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Morgan Stanley started coverage on Enbridge in a research note on Tuesday, May 2nd. They set an “equal weight” rating and a $45.00 price objective for the company. BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Wolfe Research started coverage on Enbridge in a research note on Friday, May 12th. They set a “market perform” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $54.00.
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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