WASHINGTON TRUST Co trimmed its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 37.1% in the first quarter, Holdings Channel reports. The firm owned 8,704 shares of the pipeline company’s stock after selling 5,136 shares during the period. WASHINGTON TRUST Co’s holdings in Enbridge were worth $254,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. AE Wealth Management LLC grew its stake in shares of Enbridge by 14.0% in the first quarter. AE Wealth Management LLC now owns 92,504 shares of the pipeline company’s stock valued at $2,691,000 after buying an additional 11,394 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Enbridge by 12.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 539,375 shares of the pipeline company’s stock valued at $15,529,000 after purchasing an additional 59,566 shares during the period. Corient Capital Partners LLC lifted its position in shares of Enbridge by 16.6% during the first quarter. Corient Capital Partners LLC now owns 92,431 shares of the pipeline company’s stock worth $2,689,000 after purchasing an additional 13,137 shares in the last quarter. First Trust Advisors LP acquired a new position in Enbridge in the 1st quarter worth $264,000. Finally, Bank of New York Mellon Corp lifted its stake in shares of Enbridge by 3.3% in the first quarter. Bank of New York Mellon Corp now owns 3,138,344 shares of the pipeline company’s stock worth $91,294,000 after acquiring an additional 100,183 shares in the last quarter. 55.43% of the stock is owned by hedge funds and other institutional investors.

ENB opened at $31.18 on Friday. The stock’s 50 day moving average price is $29.41 and its 200 day moving average price is $35.95. The company has a debt-to-equity ratio of 0.98, a current ratio of 0.58 and a quick ratio of 0.53. The stock has a market cap of $63.14 billion, a P/E ratio of 41.57, a P/E/G ratio of 1.82 and a beta of 0.82. Enbridge Inc has a 12 month low of $22.57 and a 12 month high of $43.15.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.32. The company had revenue of $8.96 billion during the quarter, compared to analyst estimates of $8.52 billion. Enbridge had a return on equity of 8.84% and a net margin of 4.88%. During the same quarter in the previous year, the firm posted $0.81 EPS. Equities analysts anticipate that Enbridge Inc will post 1.71 EPS for the current year.

A number of analysts recently issued reports on ENB shares. Jefferies Financial Group upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research note on Tuesday, March 24th. CIBC boosted their target price on shares of Enbridge from $47.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Friday, March 13th. Goldman Sachs Group lowered Enbridge from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $52.00 to $51.00 in a report on Sunday, February 23rd. Finally, Tudor Pickering reaffirmed a “buy” rating on shares of Enbridge in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have assigned a buy rating to the stock. Enbridge presently has a consensus rating of “Buy” and a consensus target price of $51.20.

Enbridge Company Profile

Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through 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.

Further Reading: Market Timing

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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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