First Trust Advisors LP Lowers Stock Holdings in Enbridge Inc $ENB

First Trust Advisors LP reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 863,703 shares of the pipeline company’s stock after selling 82,075 shares during the period. First Trust Advisors LP’s holdings in Enbridge were worth $39,143,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENB. Norges Bank bought a new position in Enbridge in the second quarter worth approximately $1,113,368,000. Nuveen LLC bought a new position in shares of Enbridge during the 1st quarter worth $208,490,000. Vanguard Group Inc. increased its stake in shares of Enbridge by 3.5% during the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after buying an additional 3,217,961 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 during the period. Finally, Picton Mahoney Asset Management bought a new stake in shares of Enbridge in the second quarter valued at about $132,105,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Down 1.3%

Enbridge stock opened at $47.58 on Wednesday. The business has a fifty day moving average price of $47.89 and a 200-day moving average price of $47.12. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $50.54. The stock has a market capitalization of $103.77 billion, a price-to-earnings ratio of 26.14 and a beta of 0.68. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.80 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The business had revenue of $7 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same quarter last year, the business posted $0.55 earnings per share. Equities research analysts forecast that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.97 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, February 17th. This represents a $3.88 dividend on an annualized basis and a yield of 8.2%. Enbridge’s dividend payout ratio (DPR) is 147.80%.

Wall Street Analysts Forecast Growth

ENB has been the topic of several recent research reports. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research note on Monday, November 10th. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Scotiabank restated a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Finally, Zacks Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a report on Tuesday, November 11th. Six equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.00.

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.