Woodstock Corp Sells 12,414 Shares of Enbridge Inc. (NYSE:ENB)

Woodstock Corp lowered its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 20.9% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 46,902 shares of the pipeline company’s stock after selling 12,414 shares during the quarter. Woodstock Corp’s holdings in Enbridge were worth $1,905,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ENB. TruNorth Capital Management LLC purchased a new position in shares of Enbridge in the second quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge in the 2nd quarter worth $28,000. Ameritas Investment Partners Inc. bought a new stake in shares of Enbridge in the 1st quarter worth about $29,000. Richardson Financial Services Inc. bought a new stake in shares of Enbridge in the 1st quarter worth about $31,000. Finally, PFS Partners LLC lifted its holdings in shares of Enbridge by 95.8% in the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 451 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

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

Enbridge Stock Up 0.5 %

Shares of NYSE:ENB opened at $41.07 on Monday. The firm has a market capitalization of $87.64 billion, a PE ratio of 20.85, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The business has a 50 day simple moving average of $40.05 and a two-hundred day simple moving average of $37.35. Enbridge Inc. has a 1 year low of $31.31 and a 1 year high of $41.35. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68.

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

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders 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 was Thursday, August 15th. Enbridge’s payout ratio is presently 134.01%.

Enbridge 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.