Pinnacle Associates Ltd. Has $3.72 Million Position in Enbridge Inc $ENB

Pinnacle Associates Ltd. cut its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 3.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 82,176 shares of the pipeline company’s stock after selling 3,272 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Enbridge were worth $3,724,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in ENB. Dagco Inc. acquired a new position in shares of Enbridge in the 1st quarter valued at approximately $25,000. Whipplewood Advisors LLC raised its position in shares of Enbridge by 112.4% in the 2nd quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock valued at $26,000 after buying an additional 308 shares in the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of Enbridge in the 1st quarter valued at approximately $28,000. Accent Capital Management LLC acquired a new position in shares of Enbridge in the 1st quarter valued at approximately $30,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Enbridge in the 2nd quarter valued at approximately $36,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Trading Down 0.7%

Shares of NYSE ENB opened at $46.65 on Friday. 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 Inc has a 52-week low of $39.73 and a 52-week high of $50.54. The firm has a 50 day moving average price of $48.38 and a two-hundred day moving average price of $46.70. The stock has a market cap of $101.74 billion, a P/E ratio of 22.98, a price-to-earnings-growth ratio of 4.31 and a beta of 0.78.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ENB shares. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, August 12th. CIBC cut shares of Enbridge from an “outperform” rating to a “neutral” rating in a research report on Thursday, October 9th. Cibc World Mkts cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Wall Street Zen cut shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Finally, National Bankshares reiterated a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, Enbridge currently has an average rating of “Hold” and an average price target of $60.50.

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.