Segment Wealth Management LLC Sells 4,190 Shares of Enbridge Inc. (NYSE:ENB)

Segment Wealth Management LLC trimmed its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 24.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,076 shares of the pipeline company’s stock after selling 4,190 shares during the period. Segment Wealth Management LLC’s holdings in Enbridge were worth $531,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Symphony Financial Ltd. Co. bought a new position in shares of Enbridge during the third quarter valued at about $336,000. Waldron Private Wealth LLC increased its position in shares of Enbridge by 5.8% during the third quarter. Waldron Private Wealth LLC now owns 6,375 shares of the pipeline company’s stock valued at $259,000 after buying an additional 349 shares during the period. Leo Wealth LLC increased its position in shares of Enbridge by 15.2% during the third quarter. Leo Wealth LLC now owns 7,568 shares of the pipeline company’s stock valued at $307,000 after buying an additional 1,000 shares during the period. Eastern Bank purchased a new position in shares of Enbridge during the third quarter valued at about $285,000. Finally, Signaturefd LLC increased its position in shares of Enbridge by 3.2% during the third quarter. Signaturefd LLC now owns 40,717 shares of the pipeline company’s stock valued at $1,654,000 after buying an additional 1,278 shares during the period. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th.

Enbridge Price Performance

Shares of NYSE ENB opened at $41.22 on Thursday. Enbridge Inc. has a 1 year low of $31.31 and a 1 year high of $42.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The company’s 50-day moving average is $40.50 and its 200 day moving average is $37.66. The stock has a market capitalization of $87.96 billion, a P/E ratio of 20.92, a P/E/G ratio of 3.94 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same quarter in the prior year, the company earned $0.51 earnings per share. On average, sell-side analysts expect that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.49%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

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.