Sumitomo Life Insurance Co. Sells 1,108 Shares of Enbridge Inc $ENB

Sumitomo Life Insurance Co. lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,127 shares of the pipeline company’s stock after selling 1,108 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Enbridge were worth $867,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ENB. Dagco Inc. bought a new position in shares of Enbridge in the first quarter worth about $25,000. Whipplewood Advisors LLC grew its position in shares of Enbridge by 112.4% during the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock worth $26,000 after purchasing an additional 308 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Enbridge during the first quarter worth about $28,000. Accent Capital Management LLC purchased a new stake in shares of Enbridge during the first quarter worth about $30,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Enbridge during the second quarter worth about $36,000. Institutional investors own 54.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Cibc World Mkts cut Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Wednesday, October 8th. Scotiabank reiterated a “sector perform” rating on shares of Enbridge in a research report on Monday, October 20th. Finally, Argus increased their target price on Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Six investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $60.50.

Enbridge Stock Performance

NYSE ENB opened at $46.65 on Monday. The stock has a market capitalization of $101.73 billion, a PE ratio of 22.98, a P/E/G ratio of 4.31 and a beta of 0.78. The business has a 50 day simple moving average of $48.38 and a two-hundred day simple moving average of $46.72. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter last year, the business posted $0.58 EPS. On average, research analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.