Parametric Portfolio Associates LLC Decreases Stake in Enbridge Inc (ENB)
Parametric Portfolio Associates LLC lessened its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 17.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,085,110 shares of the pipeline company’s stock after selling 233,373 shares during the quarter. Parametric Portfolio Associates LLC owned about 0.07% of Enbridge worth $43,198,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Intercontinental Wealth Advisors LLC purchased a new position in shares of Enbridge in the second quarter valued at approximately $2,812,000. Sentry Investments Corp. lifted its position in shares of Enbridge by 422.2% in the second quarter. Sentry Investments Corp. now owns 3,027,655 shares of the pipeline company’s stock valued at $156,409,000 after acquiring an additional 2,447,900 shares in the last quarter. Federated Investors Inc. PA purchased a new position in shares of Enbridge in the second quarter valued at approximately $7,992,000. Wedbush Securities Inc. purchased a new position in shares of Enbridge in the first quarter valued at approximately $494,000. Finally, Synovus Financial Corp lifted its position in shares of Enbridge by 3.1% in the second quarter. Synovus Financial Corp now owns 218,487 shares of the pipeline company’s stock valued at $8,718,000 after acquiring an additional 6,649 shares in the last quarter. Institutional investors and hedge funds own 61.58% of the company’s stock.
Several research firms have recently weighed in on ENB. J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Morgan Stanley restated an “equal weight” rating and issued a $44.00 target price (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Enbridge has a consensus rating of “Hold” and a consensus target price of $54.67.
Shares of Enbridge Inc (NYSE:ENB) opened at 41.24 on Thursday. The firm has a market cap of $67.87 billion, a PE ratio of 32.37 and a beta of 0.63. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.09. The company has a 50 day moving average price of $40.46 and a 200 day moving average price of $40.52.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The company had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the previous year, the company posted $0.50 EPS. On average, analysts forecast that Enbridge Inc will post $1.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a $0.489 dividend. The ex-dividend date was Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.77%. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s dividend payout ratio is presently 191.26%.
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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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