Enbridge Inc. (NYSE:ENB) Position Cut by Fifth Third Bancorp

Fifth Third Bancorp lowered its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 62,251 shares of the pipeline company’s stock after selling 2,080 shares during the period. Fifth Third Bancorp’s holdings in Enbridge were worth $2,641,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. apricus wealth LLC boosted its stake in Enbridge by 1.1% during the 4th quarter. apricus wealth LLC now owns 20,615 shares of the pipeline company’s stock valued at $875,000 after purchasing an additional 220 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Enbridge by 7.4% during the fourth quarter. Exchange Traded Concepts LLC now owns 1,178,502 shares of the pipeline company’s stock worth $50,004,000 after buying an additional 80,821 shares during the period. Sound Income Strategies LLC grew its holdings in Enbridge by 8.6% in the 4th quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock worth $26,808,000 after buying an additional 49,800 shares in the last quarter. LexAurum Advisors LLC bought a new position in Enbridge in the 4th quarter worth approximately $205,000. Finally, Cornerstone Wealth Management LLC increased its position in Enbridge by 0.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 29,503 shares of the pipeline company’s stock valued at $1,252,000 after acquiring an additional 227 shares during the period. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Down 0.8 %

Shares of Enbridge stock opened at $44.72 on Tuesday. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $45.78. The stock has a 50-day moving average price of $42.99 and a 200 day moving average price of $40.93. The company has a market cap of $97.41 billion, a P/E ratio of 20.70, a P/E/G ratio of 4.15 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the company posted $0.46 earnings per share. As a group, analysts expect that Enbridge Inc. will post 1.97 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued a dividend of $0.67 per share. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 5.99%. Enbridge’s dividend payout ratio is 124.07%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Morgan Stanley initiated coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating for the company. TD Securities initiated coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $63.00.

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.