Prudential PLC Reduces Holdings in Enbridge Inc $ENB

Prudential PLC cut its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 66.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,588 shares of the pipeline company’s stock after selling 12,998 shares during the quarter. Prudential PLC’s holdings in Enbridge were worth $315,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Blue Fin Capital Inc. lifted its holdings in Enbridge by 1.3% in the 4th quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company’s stock worth $767,000 after buying an additional 213 shares during the period. Guinness Atkinson Asset Management Inc lifted its holdings in Enbridge by 3.4% in the 4th quarter. Guinness Atkinson Asset Management Inc now owns 6,475 shares of the pipeline company’s stock worth $309,000 after buying an additional 213 shares during the period. IHT Wealth Management LLC lifted its holdings in Enbridge by 1.2% in the 2nd quarter. IHT Wealth Management LLC now owns 18,084 shares of the pipeline company’s stock worth $820,000 after buying an additional 213 shares during the period. Avidian Wealth Enterprises LLC lifted its holdings in Enbridge by 2.5% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 8,936 shares of the pipeline company’s stock worth $427,000 after buying an additional 218 shares during the period. Finally, PFG Advisors lifted its holdings in Enbridge by 4.2% in the 3rd quarter. PFG Advisors now owns 5,479 shares of the pipeline company’s stock worth $276,000 after buying an additional 223 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. TD Securities cut Enbridge from a “buy” rating to a “hold” rating in a report on Tuesday, February 17th. Raymond James Financial upgraded Enbridge to a “moderate buy” rating in a report on Tuesday, February 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Finally, Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, May 24th. Seven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $66.50.

Enbridge Stock Down 1.6%

Shares of NYSE:ENB opened at $55.39 on Tuesday. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45. The firm has a market capitalization of $120.94 billion, a P/E ratio of 26.00 and a beta of 0.58. The stock has a 50 day moving average price of $54.66 and a 200-day moving average price of $51.44. 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 earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the prior year, the company earned $1.03 EPS. As a group, equities research analysts anticipate that Enbridge Inc will post 2.2 EPS for the current fiscal year.

Enbridge Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were given a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 7.0%. Enbridge’s dividend payout ratio is currently 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.