State Street Corp Has $13.98 Million Stock Holdings in Enbridge Inc. (NYSE:ENB)

State Street Corp lowered its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 344,325 shares of the pipeline company’s stock after selling 8,732 shares during the quarter. State Street Corp’s holdings in Enbridge were worth $13,983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. William B. Walkup & Associates Inc. bought a new position in Enbridge in the second quarter worth approximately $28,000. Grove Bank & Trust raised its stake in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. MFA Wealth Advisors LLC raised its position in Enbridge by 55.6% in the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after buying an additional 280 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Enbridge in the third quarter valued at about $35,000. Finally, Darwin Wealth Management LLC purchased a new stake in Enbridge in the 3rd quarter valued at about $37,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ENB shares. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Morgan Stanley began coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating on the stock. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price objective (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Enbridge currently has an average rating of “Hold” and a consensus target price of $63.00.

Enbridge Stock Up 0.2 %

ENB opened at $41.87 on Wednesday. The business’s fifty day simple moving average is $42.05 and its 200 day simple moving average is $39.55. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $44.13. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The stock has a market cap of $91.20 billion, a PE ratio of 19.38, a P/E/G ratio of 4.18 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.40 by $0.15. The firm had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same period in the prior year, the company earned $0.46 EPS. As a group, research analysts expect that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 6.40%. Enbridge’s payout ratio is 124.07%.

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.