Bank of New York Mellon Corp Sells 447,925 Shares of Enbridge Inc. (NYSE:ENB)

Bank of New York Mellon Corp lessened its holdings in Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 9.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,288,443 shares of the pipeline company’s stock after selling 447,925 shares during the period. Bank of New York Mellon Corp’s holdings in Enbridge were worth $159,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in ENB. Pin Oak Investment Advisors Inc. raised its stake in shares of Enbridge by 434.8% in the 2nd quarter. Pin Oak Investment Advisors Inc. now owns 615 shares of the pipeline company’s stock valued at $26,000 after buying an additional 500 shares in the last quarter. Burleson & Company LLC raised its stake in shares of Enbridge by 428.6% in the 3rd quarter. Burleson & Company LLC now owns 740 shares of the pipeline company’s stock valued at $27,000 after buying an additional 600 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new position in shares of Enbridge in the 3rd quarter valued at $29,000. TFC Financial Management acquired a new position in shares of Enbridge in the 3rd quarter valued at $30,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Enbridge in the 3rd quarter valued at $32,000. Institutional investors and hedge funds own 49.25% of the company’s stock.

Enbridge Trading Down 1.2 %

ENB opened at $36.56 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.49 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $74.03 billion, a PE ratio of 36.20, a PEG ratio of 2.68 and a beta of 0.83. Enbridge Inc. has a 1-year low of $35.02 and a 1-year high of $47.67. The firm has a 50-day moving average price of $39.64 and a two-hundred day moving average price of $39.53.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ENB shares. BMO Capital Markets cut shares of Enbridge from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 24th. Credit Suisse Group cut shares of Enbridge from a “neutral” rating to an “underperform” rating in a research report on Wednesday, February 8th. StockNews.com initiated coverage on shares of Enbridge in a research report on Thursday. They set a “hold” rating for the company. Finally, National Bank Financial increased their target price on shares of Enbridge from C$54.00 to C$56.00 in a research report on Friday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $59.00.

Enbridge Company Profile

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Enbridge, Inc engages in the provision of gas and oil. It operates through the following segments: Liquid Pipelines, Gas Distribution and Storage, Gas Transmission and Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and the U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.