US Bancorp DE Trims Stake in Enbridge Inc. (NYSE:ENB)

US Bancorp DE cut its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.6% in the fourth quarter, HoldingsChannel reports. The firm owned 399,434 shares of the pipeline company’s stock after selling 10,480 shares during the period. US Bancorp DE’s holdings in Enbridge were worth $16,948,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Creative Financial Designs Inc. ADV boosted its stake in shares of Enbridge by 51.1% during the third quarter. Creative Financial Designs Inc. ADV now owns 1,603 shares of the pipeline company’s stock valued at $65,000 after purchasing an additional 542 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Enbridge by 12.7% during the third quarter. Farther Finance Advisors LLC now owns 10,566 shares of the pipeline company’s stock worth $429,000 after buying an additional 1,193 shares during the period. Janney Montgomery Scott LLC lifted its holdings in Enbridge by 2.2% during the third quarter. Janney Montgomery Scott LLC now owns 834,221 shares of the pipeline company’s stock worth $33,878,000 after buying an additional 17,618 shares during the period. Van ECK Associates Corp lifted its holdings in Enbridge by 10.3% during the third quarter. Van ECK Associates Corp now owns 649,213 shares of the pipeline company’s stock worth $26,752,000 after buying an additional 60,424 shares during the period. Finally, Old North State Wealth Management LLC lifted its holdings in Enbridge by 2.3% during the third quarter. Old North State Wealth Management LLC now owns 92,859 shares of the pipeline company’s stock worth $3,773,000 after buying an additional 2,097 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ENB shares. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. TD Securities started coverage on Enbridge in a report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Royal Bank of Canada upped their target price on Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Enbridge has a consensus rating of “Hold” and an average target price of $67.00.

Enbridge Stock Performance

Shares of ENB stock opened at $42.68 on Tuesday. The business’s fifty day simple moving average is $43.44 and its 200-day simple moving average is $42.04. The company has a market cap of $93.00 billion, a PE ratio of 24.81, a PEG ratio of 3.92 and a beta of 0.94. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. Enbridge Inc. has a 12-month low of $32.85 and a 12-month high of $45.78.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The business had revenue of $11.59 billion for the quarter, compared to the consensus estimate of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same period in the prior year, the firm posted $0.64 earnings per share. Analysts expect that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th were given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.28%. The ex-dividend date of this dividend was Friday, February 14th. Enbridge’s payout ratio is presently 155.81%.

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.