PCJ Investment Counsel Ltd. Cuts Holdings in Enbridge Inc (ENB)
PCJ Investment Counsel Ltd. lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 25.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,502,372 shares of the pipeline company’s stock after selling 524,420 shares during the quarter. Enbridge makes up about 4.0% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 8th biggest position. PCJ Investment Counsel Ltd.’s holdings in Enbridge were worth $48,444,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the business. Honkamp Krueger Financial Services Inc. acquired a new position in shares of Enbridge in the 3rd quarter valued at $113,000. Legacy Advisors LLC purchased a new position in shares of Enbridge during the 3rd quarter valued at approximately $115,000. Girard Partners LTD. purchased a new position in shares of Enbridge during the 3rd quarter valued at approximately $116,000. Centersquare Investment Management LLC boosted its stake in shares of Enbridge by 93.0% during the 2nd quarter. Centersquare Investment Management LLC now owns 3,610 shares of the pipeline company’s stock valued at $129,000 after buying an additional 1,740 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new position in shares of Enbridge during the 3rd quarter valued at approximately $137,000. 54.45% of the stock is currently owned by institutional investors.
ENB traded down $0.81 during trading hours on Thursday, hitting $32.05. 144,143 shares of the stock were exchanged, compared to its average volume of 4,801,825. Enbridge Inc has a 12 month low of $29.00 and a 12 month high of $41.21. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.59 and a quick ratio of 0.49. The stock has a market capitalization of $60.08 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 1.27 and a beta of 0.56.
The business also recently announced a quarterly dividend, which was paid on Saturday, December 1st. Shareholders of record on Thursday, November 15th were given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 6.37%. The ex-dividend date of this dividend was Wednesday, November 14th. Enbridge’s dividend payout ratio is presently 131.82%.
ENB has been the subject of several research analyst reports. Bank of America upgraded Enbridge from a “neutral” rating to a “buy” rating and increased their target price for the company from $49.00 to $50.00 in a research note on Friday, August 17th. Citigroup reiterated a “neutral” rating on shares of Enbridge in a research note on Monday, September 24th. ValuEngine upgraded Enbridge from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. UBS Group began coverage on Enbridge in a research note on Thursday, October 4th. They set a “buy” rating for the company. Finally, Zacks Investment Research upgraded Enbridge from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research note on Monday, October 8th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $48.20.
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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