Summit X LLC decreased its holdings in shares of Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 15.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,488 shares of the pipeline company’s stock after selling 1,918 shares during the period. Summit X LLC’s holdings in Enbridge were worth $390,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of ENB. Coppell Advisory Solutions Corp. acquired a new position in Enbridge during the fourth quarter worth $25,000. Industrial Alliance Investment Management Inc. acquired a new position in Enbridge during the fourth quarter worth $25,000. Steward Financial Group LLC raised its holdings in Enbridge by 114.6% during the second quarter. Steward Financial Group LLC now owns 719 shares of the pipeline company’s stock worth $26,000 after buying an additional 384 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Enbridge during the first quarter worth $27,000. Finally, Northwest Bank & Trust Co acquired a new position in Enbridge during the second quarter worth $35,000. Institutional investors and hedge funds own 48.29% of the company’s stock.
Wall Street Analysts Forecast Growth
ENB has been the subject of several analyst reports. Barclays lowered their target price on shares of Enbridge from $54.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, October 18th. Credit Suisse Group decreased their price objective on shares of Enbridge from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, September 13th. Wells Fargo & Company downgraded Enbridge from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, October 25th. Wolfe Research downgraded Enbridge from a “peer perform” rating to an “underperform” rating in a research report on Tuesday, October 17th. Finally, CIBC boosted their price objective on Enbridge from $63.00 to $64.00 and gave the stock an “outperformer” rating in a research report on Monday, September 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $55.33.
Enbridge Price Performance
Shares of NYSE ENB opened at $33.27 on Wednesday. The company has a current ratio of 0.67, a quick ratio of 0.57 and a debt-to-equity ratio of 1.12. The stock has a fifty day simple moving average of $33.13 and a two-hundred day simple moving average of $35.48. Enbridge Inc. has a 1-year low of $31.03 and a 1-year high of $42.12. The firm has a market cap of $70.72 billion, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 2.79 and a beta of 0.86.
Enbridge Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be issued a $0.64 dividend. This represents a $2.56 annualized dividend and a yield of 7.69%. The ex-dividend date is Tuesday, November 14th. Enbridge’s dividend payout ratio (DPR) is currently 236.94%.
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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