New England Research & Management Inc. cut its position in Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 65.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,725 shares of the pipeline company’s stock after selling 14,500 shares during the period. New England Research & Management Inc.’s holdings in Enbridge were worth $287,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Enbridge by 3.7% in the first quarter. Vanguard Group Inc. now owns 69,181,872 shares of the pipeline company’s stock worth $3,188,593,000 after acquiring an additional 2,491,924 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its stake in shares of Enbridge by 109,143.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 48,468,082 shares of the pipeline company’s stock worth $1,895,102,000 after acquiring an additional 48,423,715 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Enbridge by 12.2% during the first quarter. 1832 Asset Management L.P. now owns 27,381,482 shares of the pipeline company’s stock worth $1,044,604,000 after buying an additional 2,978,359 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Enbridge by 0.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 20,317,133 shares of the pipeline company’s stock worth $793,619,000 after buying an additional 89,571 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Enbridge by 2.9% during the fourth quarter. Mackenzie Financial Corp now owns 19,503,737 shares of the pipeline company’s stock worth $761,051,000 after buying an additional 544,018 shares during the last quarter. 48.29% of the stock is owned by institutional investors and hedge funds.
Enbridge Trading Up 1.4 %
Shares of Enbridge stock traded up $0.48 during trading hours on Thursday, hitting $34.80. The company’s stock had a trading volume of 436,802 shares, compared to its average volume of 3,998,967. Enbridge Inc. has a twelve month low of $32.90 and a twelve month high of $42.14. The firm has a fifty day moving average of $35.74 and a 200-day moving average of $37.17. The stock has a market cap of $70.39 billion, a price-to-earnings ratio of 24.51, a P/E/G ratio of 2.62 and a beta of 0.85. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.55 and a current ratio of 0.64.
Enbridge Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 7.70%. The ex-dividend date was Monday, August 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s payout ratio is currently 187.86%.
Analyst Ratings Changes
A number of research firms have weighed in on ENB. TD Securities lowered their price objective on Enbridge from $62.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. BMO Capital Markets began coverage on Enbridge in a research note on Friday, September 8th. They set a “market perform” rating on the stock. Scotiabank began coverage on Enbridge in a research note on Monday. They set a “sector perform” rating on the stock. Wells Fargo & Company lowered Enbridge from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, September 6th. Finally, National Bank Financial started coverage on Enbridge in a research note on Monday. They set a “sector perform” rating on the stock. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $58.57.
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.
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