Sterneck Capital Management LLC Sells 1,726 Shares of Enbridge Inc. (NYSE:ENB)

Sterneck Capital Management LLC lowered its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 11.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 12,953 shares of the pipeline company’s stock after selling 1,726 shares during the quarter. Sterneck Capital Management LLC’s holdings in Enbridge were worth $526,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. TruNorth Capital Management LLC acquired a new position in Enbridge during the 2nd quarter worth about $28,000. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge during the second quarter worth 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. acquired a new stake in shares of Enbridge in the first quarter valued at approximately $31,000. Finally, PFS Partners LLC raised its position in Enbridge by 95.8% in the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 451 shares during the last quarter. Institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.50.

Enbridge Stock Down 0.8 %

Shares of NYSE:ENB opened at $40.75 on Friday. Enbridge Inc. has a one year low of $31.03 and a one year high of $41.35. The stock has a market cap of $86.96 billion, a price-to-earnings ratio of 20.69, a P/E/G ratio of 3.93 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. The company has a 50 day moving average of $39.61 and a 200-day moving average of $37.11.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same quarter last year, the business earned $0.51 earnings per share. On average, sell-side analysts forecast 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. Investors of record on Thursday, August 15th were given a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.57%. Enbridge’s dividend payout ratio is presently 134.01%.

Enbridge Company 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.