Davis Rea LTD. Cuts Stake in Enbridge Inc $ENB

Davis Rea LTD. cut its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,529 shares of the pipeline company’s stock after selling 471 shares during the quarter. Enbridge comprises about 1.2% of Davis Rea LTD.’s investment portfolio, making the stock its 28th biggest position. Davis Rea LTD.’s holdings in Enbridge were worth $4,903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in ENB. Dagco Inc. purchased a new position in Enbridge in the first quarter valued at about $25,000. Garde Capital Inc. purchased a new position in Enbridge in the first quarter valued at about $26,000. Financial Gravity Asset Management Inc. purchased a new position in Enbridge in the first quarter valued at about $28,000. Accent Capital Management LLC purchased a new position in Enbridge in the first quarter valued at about $30,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Enbridge by 91.3% during the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 365 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.7%

NYSE:ENB opened at $47.67 on Friday. The company has a market capitalization of $103.96 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 4.39 and a beta of 0.78. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The stock has a 50-day simple moving average of $48.41 and a 200 day simple moving average of $46.25. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same period last year, the firm earned $0.58 earnings per share. Sell-side analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 5.7%. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge’s payout ratio is 134.98%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Argus lifted their target price on Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Zacks Research lowered Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research report on Wednesday. Finally, Wall Street Zen lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.50.

About Enbridge

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.