ProVise Management Group LLC Reduces Holdings in Enbridge Inc. (NYSE:ENB)

ProVise Management Group LLC lowered its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 202,843 shares of the pipeline company’s stock after selling 9,873 shares during the quarter. ProVise Management Group LLC’s holdings in Enbridge were worth $7,219,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ENB. TruNorth Capital Management LLC purchased a new position in Enbridge during the second quarter valued at approximately $28,000. Ameritas Investment Partners Inc. bought a new stake in shares of Enbridge during the first quarter valued at approximately $29,000. Richardson Financial Services Inc. bought a new stake in shares of Enbridge during the first quarter valued at approximately $31,000. PFS Partners LLC raised its position in shares of Enbridge by 95.8% during the first quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after buying an additional 451 shares during the last quarter. Finally, Northwest Bank & Trust Co bought a new stake in shares of Enbridge during the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.7 %

Enbridge stock opened at $40.52 on Thursday. The stock has a market cap of $86.45 billion, a P/E ratio of 20.57, a PEG ratio of 3.91 and a beta of 0.94. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. Enbridge Inc. has a 1 year low of $31.03 and a 1 year high of $41.22. The firm’s 50 day moving average price is $38.61 and its 200-day moving average price is $36.72.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the previous year, the business posted $0.51 earnings per share. On average, equities analysts predict that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a $0.669 dividend. This represents a $2.68 annualized dividend and a yield of 6.60%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio is presently 134.01%.

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.