Spirit of America Management Corp NY Sells 13,100 Shares of Enbridge Inc $ENB

Spirit of America Management Corp NY lessened its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.6% during the fourth quarter, HoldingsChannel reports. The firm owned 140,027 shares of the pipeline company’s stock after selling 13,100 shares during the quarter. Enbridge accounts for 1.4% of Spirit of America Management Corp NY’s holdings, making the stock its 13th largest position. Spirit of America Management Corp NY’s holdings in Enbridge were worth $6,697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Tsfg LLC raised its holdings in shares of Enbridge by 329.6% during the 3rd quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock worth $25,000 after buying an additional 379 shares in the last quarter. Triumph Capital Management acquired a new stake in Enbridge in the third quarter valued at about $26,000. Highline Wealth Partners LLC grew its position in Enbridge by 73.1% in the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 236 shares during the last quarter. Turning Point Benefit Group Inc. bought a new position in Enbridge in the third quarter valued at about $28,000. Finally, True Wealth Design LLC raised its stake in Enbridge by 588.2% during the third quarter. True Wealth Design LLC now owns 585 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Enbridge stock opened at $54.30 on Tuesday. The stock has a 50-day moving average price of $51.94 and a two-hundred day moving average price of $49.27. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $55.44. The company has a market capitalization of $118.49 billion, a PE ratio of 23.61 and a beta of 0.67. The company has a current ratio of 0.63, a quick ratio of 0.55 and a debt-to-equity ratio of 1.70.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 13th. The pipeline company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $17.18 billion for the quarter, compared to analysts’ expectations of $9.10 billion. Enbridge had a return on equity of 11.19% and a net margin of 11.30%.During the same period in the previous year, the business posted $0.75 earnings per share. Analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ENB. Scotiabank reissued an “outperform” rating on shares of Enbridge in a report on Tuesday, February 17th. TD Securities cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Tuesday, February 17th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday, March 21st. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research report on Tuesday, February 17th. Finally, Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a research note on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Enbridge Profile

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.