Sound Income Strategies LLC Sells 212,411 Shares of Enbridge Inc $ENB

Sound Income Strategies LLC lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 34.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 397,853 shares of the pipeline company’s stock after selling 212,411 shares during the quarter. Enbridge comprises approximately 1.0% of Sound Income Strategies LLC’s holdings, making the stock its 25th largest holding. Sound Income Strategies LLC’s holdings in Enbridge were worth $21,345,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in ENB. Jamison Private Wealth Management Inc. grew its position in shares of Enbridge by 3.3% during the first quarter. Jamison Private Wealth Management Inc. now owns 42,068 shares of the pipeline company’s stock valued at $2,278,000 after purchasing an additional 1,363 shares in the last quarter. Patten Group Inc. lifted its position in shares of Enbridge by 3.6% in the first quarter. Patten Group Inc. now owns 28,161 shares of the pipeline company’s stock worth $1,524,000 after buying an additional 972 shares in the last quarter. Keybank National Association OH lifted its position in shares of Enbridge by 47.6% in the first quarter. Keybank National Association OH now owns 32,853 shares of the pipeline company’s stock worth $1,779,000 after buying an additional 10,597 shares in the last quarter. Stock Yards Bank & Trust Co. boosted its stake in Enbridge by 2.1% during the first quarter. Stock Yards Bank & Trust Co. now owns 77,849 shares of the pipeline company’s stock valued at $4,215,000 after buying an additional 1,590 shares during the last quarter. Finally, Capital Asset Advisory Services LLC bought a new position in shares of Enbridge during the 1st quarter valued at approximately $215,000. Institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on ENB shares. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Royal Bank Of Canada increased their price target on Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Finally, Scotiabank restated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.50.

Enbridge Stock Up 1.4%

Shares of NYSE ENB opened at $54.05 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The company has a market cap of $118.04 billion, a P/E ratio of 25.37 and a beta of 0.58. Enbridge Inc has a 1 year low of $43.59 and a 1 year high of $58.45. The firm has a 50-day simple moving average of $55.27 and a two-hundred day simple moving average of $52.37.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. During the same period in the prior year, the business posted $1.03 earnings per share. Research analysts anticipate that Enbridge Inc will post 2.16 earnings per share for the current year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.2%. The ex-dividend date was Friday, May 15th. Enbridge’s dividend payout ratio (DPR) is 133.80%.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.