InTrack Investment Management Inc Sells 2,527 Shares of Enbridge Inc. (NYSE:ENB)

InTrack Investment Management Inc decreased its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 25.9% in the third quarter, Holdings Channel reports. The firm owned 7,215 shares of the pipeline company’s stock after selling 2,527 shares during the quarter. InTrack Investment Management Inc’s holdings in Enbridge were worth $293,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new position in Enbridge during the second quarter worth about $28,000. William B. Walkup & Associates Inc. acquired a new stake in shares of Enbridge during the second quarter worth approximately $28,000. Ameritas Investment Partners Inc. acquired a new stake in shares of Enbridge during the first quarter worth approximately $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Enbridge during the first quarter worth approximately $31,000. Finally, PFS Partners LLC increased its holdings in shares of Enbridge by 95.8% during the first quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock worth $33,000 after buying an additional 451 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE ENB opened at $41.07 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The firm has a market cap of $87.64 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 3.94 and a beta of 0.93. The company has a 50 day moving average of $40.05 and a 200-day moving average of $37.34. Enbridge Inc. has a 1-year low of $31.31 and a 1-year high of $41.35.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same quarter last year, the business posted $0.51 earnings per share. On average, equities analysts forecast that Enbridge Inc. will post 2.08 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.52%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio is currently 134.01%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group lowered shares of 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 assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.50.

About Enbridge

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.