City State Bank Decreases Stock Position in Enbridge Inc. (NYSE:ENB)

City State Bank decreased its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,413 shares of the pipeline company’s stock after selling 393 shares during the period. City State Bank’s holdings in Enbridge were worth $463,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. First PREMIER Bank grew its stake in shares of Enbridge by 1.7% in the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after purchasing an additional 257 shares during the last quarter. Rockwood Wealth Management LLC boosted its holdings in Enbridge by 2.6% during the second quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock worth $395,000 after buying an additional 285 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in Enbridge by 3.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after buying an additional 298 shares during the last quarter. Nations Financial Group Inc. IA ADV increased its holdings in shares of Enbridge by 1.7% in the second quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock valued at $649,000 after buying an additional 298 shares in the last quarter. Finally, Perigon Wealth Management LLC lifted its position in shares of Enbridge by 3.7% during the 1st quarter. Perigon Wealth Management LLC now owns 8,827 shares of the pipeline company’s stock valued at $319,000 after acquiring an additional 314 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $51.50.

Enbridge Stock Performance

Enbridge stock opened at $41.07 on Friday. Enbridge Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $41.35. The firm’s 50 day simple moving average is $40.05 and its 200-day simple moving average is $37.34. 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 market cap of $87.64 billion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the business posted $0.51 EPS. As a group, equities research analysts predict that Enbridge Inc. will post 2.08 EPS for the current 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 dividend of $0.669 per share. This represents a $2.68 annualized dividend and a yield of 6.52%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is 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.