Great Lakes Advisors LLC Cuts Stake in Enbridge Inc (ENB)
Great Lakes Advisors LLC cut its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 23.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,446 shares of the pipeline company’s stock after selling 6,474 shares during the period. Great Lakes Advisors LLC’s holdings in Enbridge were worth $853,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of ENB. Goelzer Investment Management Inc. purchased a new stake in Enbridge during the first quarter worth approximately $4,602,000. Meyer Handelman Co. purchased a new stake in Enbridge during the first quarter worth approximately $7,364,000. Tdam USA Inc. purchased a new stake in Enbridge during the first quarter worth approximately $970,000. Schmidt P J Investment Management Inc. increased its stake in Enbridge by 93.3% in the first quarter. Schmidt P J Investment Management Inc. now owns 60,722 shares of the pipeline company’s stock worth $2,541,000 after buying an additional 29,304 shares in the last quarter. Finally, Wedbush Securities Inc. purchased a new stake in Enbridge during the first quarter worth approximately $494,000. 61.61% of the stock is currently owned by institutional investors.
Enbridge Inc (ENB) opened at 39.50 on Thursday. Enbridge Inc has a one year low of $37.37 and a one year high of $45.77. The stock’s 50 day moving average price is $40.63 and its 200-day moving average price is $40.73. The stock has a market cap of $65.01 billion, a P/E ratio of 32.35 and a beta of 0.62.
Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by $0.05. The firm had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.81 billion. Enbridge had a net margin of 5.28% and a return on equity of 6.04%. During the same quarter in the previous year, the firm earned $0.50 EPS. On average, analysts predict that Enbridge Inc will post $1.60 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 $0.489 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. The ex-dividend date is Friday, August 11th. This represents a $1.96 annualized dividend and a yield of 4.95%. Enbridge’s payout ratio is presently 190.29%.
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ENB has been the topic of a number of recent analyst reports. Wolfe Research initiated coverage on Enbridge in a research report on Friday, May 12th. They set a “market perform” rating and a $43.00 target price on the stock. BidaskClub lowered Enbridge from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Zacks Investment Research lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $44.00 target price (down from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $54.00.
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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