PNC Financial Services Group Inc. decreased its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 32.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 368,077 shares of the pipeline company’s stock after selling 178,057 shares during the period. PNC Financial Services Group Inc.’s holdings in Enbridge were worth $13,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Koch Industries Inc. grew its position in shares of Enbridge by 185.5% during the 1st quarter. Koch Industries Inc. now owns 45,795 shares of the pipeline company’s stock valued at $1,441,000 after acquiring an additional 29,757 shares during the period. Home Federal Bank of Tennessee bought a new position in Enbridge in the 2nd quarter worth $2,244,000. Heronetta Management L.P. boosted its holdings in Enbridge by 13.7% in the 1st quarter. Heronetta Management L.P. now owns 124,500 shares of the pipeline company’s stock worth $5,045,000 after buying an additional 15,000 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in Enbridge by 63.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 274,330 shares of the pipeline company’s stock worth $8,626,000 after buying an additional 106,300 shares during the period. Finally, Creative Planning boosted its holdings in Enbridge by 2.9% in the 2nd quarter. Creative Planning now owns 100,612 shares of the pipeline company’s stock worth $3,591,000 after buying an additional 2,805 shares during the period. 59.06% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently weighed in on ENB shares. Bank of America raised shares of Enbridge from a “neutral” rating to a “buy” rating and upped their target price for the stock from $49.00 to $50.00 in a report on Friday, August 17th. CIBC downgraded shares of Enbridge to a “buy” rating and set a $57.00 target price for the company. in a report on Tuesday, May 22nd. ValuEngine downgraded shares of Enbridge from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 22nd. Zacks Investment Research downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a report on Tuesday, May 8th. Finally, BMO Capital Markets dropped their target price on shares of Enbridge from $61.00 to $59.00 and set an “outperform” rating for the company in a report on Thursday, June 14th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $51.40.
Shares of ENB stock opened at $34.11 on Wednesday. The firm has a market capitalization of $58.62 billion, a price-to-earnings ratio of 22.15, a P/E/G ratio of 1.83 and a beta of 0.55. Enbridge Inc has a 52 week low of $29.00 and a 52 week high of $42.10. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.47 and a current ratio of 0.56.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 3rd. The pipeline company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.42 by $0.20. The business had revenue of $8.33 billion for the quarter, compared to analysts’ expectations of $9.86 billion. Enbridge had a net margin of 5.99% and a return on equity of 8.47%. equities analysts expect that Enbridge Inc will post 2.07 earnings per share for the current fiscal year.
The business also recently declared a dividend, which was paid on Saturday, September 1st. Shareholders of record on Wednesday, August 15th were paid a $0.516 dividend. The ex-dividend date of this dividend was Tuesday, August 14th. This is a boost from Enbridge’s previous dividend of $0.33. Enbridge’s payout ratio is presently 133.77%.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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