Enbridge Inc $ENB Holdings Trimmed by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 35.0% during the third quarter, HoldingsChannel reports. The firm owned 621,500 shares of the pipeline company’s stock after selling 335,000 shares during the quarter. Enbridge accounts for approximately 1.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 24th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $28,894,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ENB. Retirement Planning Group LLC boosted its holdings in shares of Enbridge by 3.6% during the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock valued at $290,000 after buying an additional 187 shares in the last quarter. Bank & Trust Co lifted its position in Enbridge by 0.6% during the 2nd quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock valued at $1,804,000 after acquiring an additional 193 shares during the period. Cornerstone Wealth Management LLC lifted its position in Enbridge by 0.6% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock valued at $1,710,000 after acquiring an additional 194 shares during the period. PFG Investments LLC lifted its position in Enbridge by 0.9% during the 1st quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after acquiring an additional 202 shares during the period. Finally, Clearwave Capital LLC boosted its stake in Enbridge by 0.9% during the second quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company’s stock worth $1,194,000 after acquiring an additional 204 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Trading Up 0.3%

Shares of NYSE:ENB opened at $48.28 on Tuesday. The company has a market cap of $107.61 billion, a P/E ratio of 22.61, a PEG ratio of 5.75 and a beta of 0.60. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a 1 year low of $45.03 and a 1 year high of $58.45. The stock’s fifty day moving average price is $48.49 and its 200-day moving average price is $52.07.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%. During the same period last year, the firm posted $0.65 earnings per share. Sell-side analysts expect that Enbridge Inc will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Royal Bank Of Canada upped their price objective on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. BMO Capital Markets raised shares of Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 target price for the company in a research note on Monday, September 14th. US Capital Advisors upgraded shares of Enbridge from a “hold” rating to a “moderate buy” rating in a report on Thursday, August 20th. Jefferies Financial Group reissued a “hold” rating on shares of Enbridge in a research report on Monday, September 14th. Finally, TD upgraded Enbridge to a “buy” rating in a research note on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.88.

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.

The company’s operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.

Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.