Mechanics Bank Trust Department Sells 1,375 Shares of Enbridge Inc. (NYSE:ENB)

Mechanics Bank Trust Department reduced its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 93,200 shares of the pipeline company’s stock after selling 1,375 shares during the period. Mechanics Bank Trust Department’s holdings in Enbridge were worth $3,462,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Coppell Advisory Solutions Corp. bought a new stake in shares of Enbridge during the 4th quarter worth $25,000. Industrial Alliance Investment Management Inc. bought a new stake in Enbridge in the 4th quarter valued at $25,000. Strategic Investment Solutions Inc. IL bought a new stake in Enbridge in the 1st quarter valued at $27,000. MBM Wealth Consultants LLC bought a new stake in Enbridge in the 4th quarter valued at $39,000. Finally, Antonetti Capital Management LLC boosted its holdings in Enbridge by 58.2% in the 1st quarter. Antonetti Capital Management LLC now owns 1,087 shares of the pipeline company’s stock valued at $41,000 after purchasing an additional 400 shares during the period. 48.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Enbridge in a report on Thursday, August 17th. They issued a “hold” rating for the company. BMO Capital Markets initiated coverage on shares of Enbridge in a report on Friday, September 8th. They issued a “market perform” rating for the company. Royal Bank of Canada reduced their price target on shares of Enbridge from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, August 7th. TD Securities reduced their price target on shares of Enbridge from $62.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, August 8th. Finally, CIBC raised their price objective on shares of Enbridge from $63.00 to $64.00 and gave the stock an “outperformer” rating in a report on Monday, September 11th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.57.

Enbridge Price Performance

NYSE:ENB opened at $35.09 on Friday. The company has a 50-day moving average of $35.65 and a 200-day moving average of $37.12. The company has a market capitalization of $74.59 billion, a price-to-earnings ratio of 25.06, a PEG ratio of 2.71 and a beta of 0.85. Enbridge Inc. has a 52 week low of $32.90 and a 52 week high of $42.12. 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 (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, August 4th. The pipeline company reported $0.51 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.51. The business had revenue of $7.77 billion during the quarter, compared to analysts’ expectations of $7.49 billion. Enbridge had a net margin of 8.58% and a return on equity of 10.20%. As a group, equities research analysts anticipate that Enbridge Inc. will post 2.11 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were given a dividend of $0.67 per share. The ex-dividend date was Monday, August 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 7.64%. This is a boost from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s dividend payout ratio (DPR) is 187.86%.

Enbridge Company 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.