Boomfish Wealth Group LLC Cuts Position in Enbridge Inc. (NYSE:ENB)

Boomfish Wealth Group LLC cut its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.7% in the third quarter, HoldingsChannel.com reports. The fund owned 37,385 shares of the pipeline company’s stock after selling 273 shares during the period. Boomfish Wealth Group LLC’s holdings in Enbridge were worth $1,518,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First PREMIER Bank raised its holdings in shares of Enbridge by 1.7% during the third quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock valued at $631,000 after acquiring an additional 257 shares during the last quarter. Grove Bank & Trust raised its stake in Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 shares during the last quarter. Rockwood Wealth Management LLC lifted its holdings in Enbridge by 2.6% in the 2nd quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock valued at $395,000 after purchasing an additional 285 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Enbridge by 3.7% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after purchasing an additional 298 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV grew its holdings in shares of Enbridge by 1.7% during the second quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock worth $649,000 after buying an additional 298 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.50.

Enbridge Stock Performance

Shares of Enbridge stock opened at $41.15 on Tuesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The business’s 50 day moving average price is $40.12 and its 200 day moving average price is $37.38. The company has a market cap of $87.80 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a one year low of $31.31 and a one year high of $41.35.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the firm earned $0.51 EPS. On average, research analysts predict that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.50%. Enbridge’s dividend payout ratio (DPR) 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.