Enbridge Inc $ENB Stock Position Cut by ProVise Management Group LLC

ProVise Management Group LLC decreased its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 171,038 shares of the pipeline company’s stock after selling 4,524 shares during the period. ProVise Management Group LLC’s holdings in Enbridge were worth $7,751,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ENB. Vanguard Group Inc. lifted its position in Enbridge by 1.7% in the first quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company’s stock worth $4,124,271,000 after purchasing an additional 1,569,879 shares during the period. GQG Partners LLC raised its stake in shares of Enbridge by 1.5% in the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company’s stock worth $3,338,405,000 after buying an additional 1,148,580 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of Enbridge by 1.6% in the second quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company’s stock valued at $1,804,913,000 after buying an additional 617,577 shares during the period. Goldman Sachs Group Inc. boosted its stake in Enbridge by 137.9% during the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after buying an additional 19,074,827 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Enbridge by 20.2% during the second quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after buying an additional 2,989,992 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ENB shares. Cibc World Mkts downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday. Royal Bank Of Canada increased their price objective on Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. Finally, CIBC cut Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $63.00.

Enbridge Price Performance

Shares of NYSE:ENB opened at $47.86 on Friday. The company’s fifty day moving average is $48.27 and its two-hundred day moving average is $46.83. The company has a market cap of $104.39 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 4.31 and a beta of 0.76. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the prior year, the firm posted $0.55 EPS. Equities analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be issued a dividend of $0.9425 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.68. This represents a $3.77 annualized dividend and a dividend yield of 7.9%. The ex-dividend date is Friday, November 14th. Enbridge’s dividend payout ratio is 147.25%.

About Enbridge

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.