Addenda Capital Inc. Sells 53,528 Shares of Enbridge Inc. (NYSE:ENB)

Addenda Capital Inc. lowered its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,597,217 shares of the pipeline company’s stock after selling 53,528 shares during the period. Enbridge makes up approximately 3.1% of Addenda Capital Inc.’s portfolio, making the stock its 8th biggest holding. Addenda Capital Inc.’s holdings in Enbridge were worth $67,770,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge in the 2nd quarter worth $28,000. McIlrath & Eck LLC increased its stake in Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 295 shares during the last quarter. Grove Bank & Trust raised its holdings in shares of Enbridge by 56.7% in the 3rd 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 period. MFA Wealth Advisors LLC lifted its stake in shares of 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 purchasing an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC purchased a new stake in shares of Enbridge during the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Price Performance

ENB opened at $44.53 on Tuesday. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $44.90. The firm has a market cap of $97.00 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 4.13 and a beta of 0.93. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company has a fifty day simple moving average of $42.75 and a 200 day simple moving average of $40.60.

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

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.02%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is 121.76%.

Analyst Ratings Changes

A number of research analysts have weighed in on ENB shares. TD Securities assumed coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 price objective (up from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley began coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $63.00.

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.