Eaton Vance Management Sells 73,829 Shares of Enbridge Inc (ENB)
Eaton Vance Management reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 81.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,639 shares of the pipeline company’s stock after selling 73,829 shares during the period. Eaton Vance Management’s holdings in Enbridge were worth $662,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caisse DE Depot ET Placement DU Quebec increased its holdings in Enbridge by 10.9% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 43,464,138 shares of the pipeline company’s stock valued at $1,818,540,000 after purchasing an additional 4,256,369 shares in the last quarter. TD Asset Management Inc. increased its holdings in Enbridge by 4.6% in the 2nd quarter. TD Asset Management Inc. now owns 43,401,073 shares of the pipeline company’s stock valued at $1,726,420,000 after purchasing an additional 1,909,405 shares in the last quarter. Vanguard Group Inc. increased its holdings in Enbridge by 82.9% in the 1st quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after purchasing an additional 17,671,076 shares in the last quarter. FMR LLC increased its holdings in Enbridge by 30.6% in the 1st quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock valued at $1,444,626,000 after purchasing an additional 8,072,511 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in Enbridge by 1,072.3% in the 1st quarter. Bank of America Corp DE now owns 30,748,683 shares of the pipeline company’s stock valued at $1,286,524,000 after purchasing an additional 28,125,698 shares in the last quarter. Hedge funds and other institutional investors own 61.58% of the company’s stock.
Several analysts recently issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and issued a $44.00 price target (down from $45.00) on shares of Enbridge in a report on Friday, July 14th. BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Finally, Zacks Investment Research downgraded Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Enbridge currently has a consensus rating of “Hold” and a consensus price target of $54.67.
Shares of Enbridge Inc (ENB) opened at 41.04 on Monday. The firm has a market capitalization of $67.54 billion, a P/E ratio of 32.21 and a beta of 0.63. The stock’s 50 day moving average price is $40.46 and its 200 day moving average price is $40.52. Enbridge Inc has a 52 week low of $37.37 and a 52 week high of $45.09.
Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.05). The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. During the same period in the prior year, the firm earned $0.50 EPS. On average, analysts predict that Enbridge Inc will post $1.66 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were given a dividend of $0.489 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.77%. Enbridge’s payout ratio is currently 190.29%.
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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