First Trust Direct Indexing L.P. Cuts Stake in Enbridge Inc. (NYSE:ENB)

First Trust Direct Indexing L.P. lessened its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 16.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,308 shares of the pipeline company’s stock after selling 3,482 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Enbridge were worth $623,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. BOK Financial Private Wealth Inc. purchased a new position in shares of Enbridge in the fourth quarter worth about $25,000. Baystate Wealth Management LLC boosted its holdings in Enbridge by 836.4% during the 4th quarter. Baystate Wealth Management LLC now owns 721 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 644 shares during the period. Tennessee Valley Asset Management Partners bought a new position in Enbridge during the 4th quarter worth approximately $28,000. Financial Gravity Asset Management Inc. increased its stake in Enbridge by 2,294.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 886 shares of the pipeline company’s stock worth $29,000 after purchasing an additional 849 shares during the period. Finally, Planned Solutions Inc. bought a new stake in Enbridge in the fourth quarter valued at approximately $34,000. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Enbridge stock opened at $36.34 on Friday. Enbridge Inc. has a twelve month low of $31.03 and a twelve month high of $40.30. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $77.26 billion, a P/E ratio of 17.30, a PEG ratio of 3.43 and a beta of 0.83. The stock’s 50 day moving average is $35.32 and its 200 day moving average is $34.91.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). The firm had revenue of $8.37 billion for the quarter, compared to the consensus estimate of $9.62 billion. Enbridge had a net margin of 13.97% and a return on equity of 10.23%. On average, equities research analysts predict that Enbridge Inc. will post 2.12 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Wednesday, May 15th will be given a $0.677 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.66. This represents a $2.71 annualized dividend and a yield of 7.45%. Enbridge’s dividend payout ratio is 129.05%.

Wall Street Analyst Weigh In

Several research analysts recently commented on ENB shares. Jefferies Financial Group began coverage on shares of Enbridge in a research note on Tuesday, February 27th. They issued a “buy” rating on the stock. Stifel Nicolaus assumed coverage on shares of Enbridge in a research report on Thursday, January 18th. They issued a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.20.

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.