Brookstone Capital Management reduced its stake in shares of Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 15.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,542 shares of the pipeline company’s stock after selling 14,180 shares during the period. Brookstone Capital Management’s holdings in Enbridge were worth $3,187,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in ENB. Whittier Trust Co. of Nevada Inc. lifted its stake in Enbridge by 3.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 6,574 shares of the pipeline company’s stock valued at $303,000 after acquiring an additional 236 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in Enbridge by 1.8% in the first quarter. Belpointe Asset Management LLC now owns 13,703 shares of the pipeline company’s stock valued at $632,000 after acquiring an additional 237 shares during the last quarter. Wedbush Securities Inc. lifted its stake in shares of Enbridge by 0.4% in the first quarter. Wedbush Securities Inc. now owns 55,429 shares of the pipeline company’s stock worth $2,555,000 after buying an additional 238 shares during the last quarter. Koshinski Asset Management Inc. lifted its stake in shares of Enbridge by 2.0% in the first quarter. Koshinski Asset Management Inc. now owns 12,562 shares of the pipeline company’s stock worth $579,000 after buying an additional 245 shares during the last quarter. Finally, First City Capital Management Inc. lifted its stake in shares of Enbridge by 5.3% in the first quarter. First City Capital Management Inc. now owns 4,984 shares of the pipeline company’s stock worth $230,000 after buying an additional 250 shares during the last quarter. 49.26% of the stock is owned by institutional investors and hedge funds.
Enbridge Trading Up 0.9 %
Shares of Enbridge stock opened at $41.35 on Tuesday. The firm has a market capitalization of $83.73 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 2.97 and a beta of 0.79. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.58 and a quick ratio of 0.49. The company’s fifty day moving average price is $42.85 and its two-hundred day moving average price is $43.94. Enbridge Inc. has a 52-week low of $36.21 and a 52-week high of $47.67.
Enbridge Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Monday, August 15th were issued a $0.668 dividend. This represents a $2.67 annualized dividend and a dividend yield of 6.46%. The ex-dividend date was Friday, August 12th. Enbridge’s payout ratio is 140.00%.
Analyst Ratings Changes
A number of analysts have recently weighed in on the stock. National Bank Financial boosted their price objective on shares of Enbridge from C$60.00 to C$61.00 in a research note on Tuesday, August 2nd. US Capital Advisors cut shares of Enbridge from an “overweight” rating to a “hold” rating in a research note on Tuesday, July 26th. Raymond James upgraded shares of Enbridge from a “market perform” rating to an “outperform” rating in a research note on Monday, September 12th. Finally, Industrial Alliance Securities upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a C$60.00 price objective for the company in a research note on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.75.
Enbridge Inc 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.
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