Zacks Investment Management Lowers Position in Enbridge Inc (ENB)
Zacks Investment Management lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 45.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,784 shares of the pipeline company’s stock after selling 4,784 shares during the quarter. Zacks Investment Management’s holdings in Enbridge were worth $230,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of ENB. Bank of America Corp DE raised its holdings in shares of 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 worth $1,286,524,000 after purchasing an additional 28,125,698 shares during the period. Vanguard Group Inc. raised its holdings in shares of Enbridge by 82.9% in the 1st quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock worth $1,631,051,000 after purchasing an additional 17,671,076 shares during the period. State Street Corp bought a new stake in shares of Enbridge in the 1st quarter worth approximately $478,509,000. FMR LLC raised its holdings in shares of Enbridge by 30.6% in the 1st quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock worth $1,444,626,000 after purchasing an additional 8,072,511 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in shares of Enbridge by 100,060.8% in the 1st quarter. Clearbridge Investments LLC now owns 7,813,542 shares of the pipeline company’s stock worth $326,919,000 after purchasing an additional 7,805,741 shares during the period. 61.58% of the stock is currently owned by institutional investors.
A number of equities research analysts recently commented on ENB shares. BidaskClub raised shares of Enbridge from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Zacks Investment Research cut shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $44.00 price target (down previously from $45.00) on shares of Enbridge in a report on Friday, July 14th. Finally, J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Two 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. Enbridge currently has an average rating of “Hold” and an average price target of $56.00.
Enbridge Inc (NYSE:ENB) opened at 41.47 on Friday. Enbridge Inc has a 1-year low of $37.37 and a 1-year high of $45.09. The stock has a market capitalization of $68.25 billion, a price-to-earnings ratio of 32.55 and a beta of 0.65. The company has a 50-day moving average of $40.76 and a 200-day moving average of $40.55.
Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.05). Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The business had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same quarter in the previous year, the business posted $0.50 earnings per share. Analysts anticipate that Enbridge Inc will post $1.64 earnings per share for the current fiscal year.
Enbridge Company Profile
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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