CIBC Asset Management Inc bought a new position in Enbridge Energy Partners, L.P. (NYSE:EEP) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 11,889 shares of the pipeline company’s stock, valued at approximately $130,000.
Other institutional investors also recently made changes to their positions in the company. Cornerstone Wealth Management LLC bought a new position in Enbridge Energy Partners in the 2nd quarter worth $2,411,000. Alps Advisors Inc. raised its holdings in Enbridge Energy Partners by 5.8% during the second quarter. Alps Advisors Inc. now owns 17,877,632 shares of the pipeline company’s stock valued at $195,403,000 after acquiring an additional 983,036 shares during the period. Virtu Financial LLC bought a new stake in Enbridge Energy Partners during the second quarter valued at about $552,000. Mizuho Securities USA LLC bought a new stake in Enbridge Energy Partners during the second quarter valued at about $273,000. Finally, Tortoise Capital Advisors L.L.C. raised its holdings in Enbridge Energy Partners by 19,269,332.7% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 9,442,022 shares of the pipeline company’s stock valued at $103,201,000 after acquiring an additional 9,441,973 shares during the period. 42.59% of the stock is currently owned by institutional investors.
NYSE:EEP opened at $11.48 on Friday. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.91. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of 14.35 and a beta of 1.35. Enbridge Energy Partners, L.P. has a 52 week low of $8.89 and a 52 week high of $16.34.
Enbridge Energy Partners (NYSE:EEP) last issued its earnings results on Thursday, August 2nd. The pipeline company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Enbridge Energy Partners had a return on equity of 7.59% and a net margin of 9.25%. The firm had revenue of $537.00 million for the quarter, compared to analysts’ expectations of $563.60 million. During the same period in the previous year, the firm posted $0.14 earnings per share. analysts predict that Enbridge Energy Partners, L.P. will post 0.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 14th. Stockholders of record on Tuesday, August 7th were issued a $0.35 dividend. The ex-dividend date of this dividend was Monday, August 6th. This represents a $1.40 annualized dividend and a dividend yield of 12.20%. Enbridge Energy Partners’s dividend payout ratio (DPR) is 175.00%.
EEP has been the topic of a number of recent analyst reports. Morgan Stanley decreased their price target on Enbridge Energy Partners from $11.00 to $10.00 and set a “sell” rating on the stock in a report on Friday, June 8th. UBS Group cut Enbridge Energy Partners from a “buy” rating to a “neutral” rating and raised their price target for the company from $10.29 to $14.00 in a report on Friday, May 18th. Finally, Zacks Investment Research raised Enbridge Energy Partners from a “sell” rating to a “hold” rating in a report on Wednesday, May 30th. Three analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $12.80.
About Enbridge Energy Partners
Enbridge Energy Partners, L.P. provides crude oil and liquid petroleum gathering, transportation, and storage services assets in the United States. The company's Lakehead system consists of approximately 4,212 miles of pipe and 74 pump stations located in the Great Lakes and Midwest regions of the United States.
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