Gabelli Funds LLC Lowers Holdings in Enbridge Inc (ENB)
Gabelli Funds LLC lessened its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 14.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 825,400 shares of the pipeline company’s stock after selling 144,072 shares during the period. Gabelli Funds LLC’s holdings in Enbridge were worth $29,459,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Accurate Investment Solutions Inc. purchased a new stake in Enbridge during the second quarter valued at about $106,000. Welch Group LLC purchased a new stake in Enbridge during the second quarter valued at about $109,000. Private Capital Group LLC grew its position in Enbridge by 2,241.9% during the first quarter. Private Capital Group LLC now owns 3,630 shares of the pipeline company’s stock valued at $114,000 after acquiring an additional 3,475 shares during the period. Spectrum Management Group Inc. purchased a new stake in Enbridge during the second quarter valued at about $119,000. Finally, Centersquare Investment Management LLC grew its position in Enbridge by 93.0% during the second quarter. Centersquare Investment Management LLC now owns 3,610 shares of the pipeline company’s stock valued at $129,000 after acquiring an additional 1,740 shares during the period. 59.05% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ENB opened at $34.76 on Friday. Enbridge Inc has a 1-year low of $29.00 and a 1-year high of $42.10. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $60.06 billion, a PE ratio of 22.57, a P/E/G ratio of 1.88 and a beta of 0.61.
The business also recently announced a dividend, which will be paid on Saturday, September 1st. Stockholders of record on Wednesday, August 15th will be given a $0.516 dividend. This is an increase from Enbridge’s previous dividend of $0.33. The ex-dividend date is Tuesday, August 14th. Enbridge’s dividend payout ratio is presently 133.77%.
A number of research firms have issued reports on ENB. ValuEngine raised Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 12th. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, May 8th. BMO Capital Markets lowered their price target on Enbridge from $61.00 to $59.00 and set an “outperform” rating for the company in a research report on Thursday, June 14th. Bank of America raised Enbridge from a “neutral” rating to a “buy” rating and boosted their price target for the company from $49.00 to $50.00 in a research report on Friday, August 17th. Finally, CIBC downgraded Enbridge to a “buy” rating and set a $57.00 price target for the company. in a research report on Tuesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.40.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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