Smith Salley Wealth Management Lowers Stock Position in Enbridge Inc $ENB

Smith Salley Wealth Management reduced its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 73.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,549 shares of the pipeline company’s stock after selling 50,064 shares during the period. Smith Salley Wealth Management’s holdings in Enbridge were worth $1,004,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ENB. Trajan Wealth LLC lifted its holdings in Enbridge by 15.3% during the third quarter. Trajan Wealth LLC now owns 804,261 shares of the pipeline company’s stock worth $40,583,000 after acquiring an additional 106,784 shares during the period. Exchange Traded Concepts LLC grew its stake in Enbridge by 3.9% in the 4th quarter. Exchange Traded Concepts LLC now owns 1,121,715 shares of the pipeline company’s stock valued at $53,652,000 after purchasing an additional 41,601 shares during the period. Viking Fund Management LLC increased its position in shares of Enbridge by 35.2% during the 4th quarter. Viking Fund Management LLC now owns 236,000 shares of the pipeline company’s stock valued at $11,288,000 after purchasing an additional 61,500 shares during the last quarter. Third View Private Wealth LLC purchased a new stake in shares of Enbridge during the 4th quarter valued at $3,691,000. Finally, Swiss Life Asset Management Ltd raised its stake in shares of Enbridge by 19.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 276,434 shares of the pipeline company’s stock worth $13,966,000 after purchasing an additional 44,524 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ENB. Royal Bank Of Canada boosted their price target on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Enbridge has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Up 0.5%

ENB stock opened at $54.82 on Tuesday. The stock has a fifty day moving average of $54.92 and a 200-day moving average of $51.96. Enbridge Inc has a fifty-two week low of $43.59 and a fifty-two week high of $58.45. The company has a market capitalization of $119.70 billion, a price-to-earnings ratio of 25.74 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion for the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period in the previous year, the business posted $1.03 EPS. As a group, equities research analysts predict that Enbridge Inc will post 2.18 earnings per share for the current year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 7.1%. Enbridge’s dividend payout ratio (DPR) is presently 133.80%.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.