Reliant Investment Partners LLC Decreases Holdings in Enbridge Inc $ENB

Reliant Investment Partners LLC trimmed its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 2.4% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 8,846 shares of the pipeline company’s stock after selling 222 shares during the quarter. Reliant Investment Partners LLC’s holdings in Enbridge were worth $401,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ENB. Brighton Jones LLC purchased a new stake in Enbridge during the fourth quarter valued at about $261,000. Convergence Financial LLC lifted its stake in shares of Enbridge by 5.3% in the 1st quarter. Convergence Financial LLC now owns 5,839 shares of the pipeline company’s stock valued at $259,000 after acquiring an additional 293 shares during the last quarter. Essex Financial Services Inc. boosted its holdings in Enbridge by 285.0% during the 1st quarter. Essex Financial Services Inc. now owns 19,002 shares of the pipeline company’s stock valued at $842,000 after acquiring an additional 14,066 shares during the period. WASHINGTON TRUST Co grew its position in Enbridge by 5.1% during the 1st quarter. WASHINGTON TRUST Co now owns 6,351 shares of the pipeline company’s stock worth $281,000 after acquiring an additional 309 shares during the last quarter. Finally, Red Door Wealth Management LLC bought a new position in Enbridge during the 1st quarter worth approximately $229,000. Institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

ENB has been the subject of several recent research reports. Cibc World Mkts downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. Zacks Research lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Finally, Scotiabank restated a “sector perform” rating on shares of Enbridge in a research report on Monday, October 20th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and an average target price of $60.50.

Enbridge Stock Performance

Enbridge stock opened at $47.27 on Tuesday. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The stock’s 50 day simple moving average is $48.45 and its two-hundred day simple moving average is $46.60. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The stock has a market cap of $103.08 billion, a price-to-earnings ratio of 23.28, a PEG ratio of 4.32 and a beta of 0.78.

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

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.