Sound Income Strategies LLC Decreases Stock Holdings in Enbridge Inc $ENB

Sound Income Strategies LLC cut its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 656,933 shares of the pipeline company’s stock after selling 35,483 shares during the period. Enbridge comprises 1.7% of Sound Income Strategies LLC’s holdings, making the stock its 13th largest holding. Sound Income Strategies LLC’s holdings in Enbridge were worth $31,526,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Brighton Jones LLC purchased a new stake in Enbridge during the fourth quarter valued at approximately $261,000. American Century Companies Inc. lifted its stake in Enbridge by 3.9% in the first quarter. American Century Companies Inc. now owns 231,686 shares of the pipeline company’s stock worth $10,255,000 after purchasing an additional 8,663 shares during the last quarter. Brooklyn Investment Group purchased a new position in Enbridge during the 1st quarter valued at $72,000. Northern Trust Corp grew its holdings in shares of Enbridge by 0.8% in the first quarter. Northern Trust Corp now owns 2,558,727 shares of the pipeline company’s stock worth $113,377,000 after purchasing an additional 19,973 shares during the last quarter. Finally, Credit Agricole S A increased its position in shares of Enbridge by 0.8% during the first quarter. Credit Agricole S A now owns 52,722 shares of the pipeline company’s stock worth $2,336,000 after acquiring an additional 437 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Trading Down 0.2%

Enbridge stock opened at $46.65 on Friday. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80. The stock has a market cap of $101.75 billion, a PE ratio of 25.63 and a beta of 0.68. The stock has a 50-day moving average of $47.55 and a two-hundred day moving average of $47.16. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, November 7th. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). Enbridge had a net margin of 9.20% and a return on equity of 10.51%. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the company earned $0.55 EPS. On average, research analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be given a dividend of $0.97 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $3.88 annualized dividend and a yield of 8.3%. This is an increase from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s payout ratio is 147.80%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Cibc World Mkts lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Enbridge in a report on Monday, December 15th. National Bankshares restated a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Zacks Research lowered Enbridge from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 11th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Monday, November 10th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Enbridge has a consensus rating of “Hold” and an average price target of $63.00.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.