Financial Advocates Investment Management Trims Stock Holdings in Enbridge Inc. (NYSE:ENB)

Financial Advocates Investment Management cut its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 35.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 19,933 shares of the pipeline company’s stock after selling 10,967 shares during the quarter. Financial Advocates Investment Management’s holdings in Enbridge were worth $846,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of ENB. YANKCOM Partnership acquired a new position in Enbridge in the fourth quarter valued at $616,000. Tectonic Advisors LLC grew its holdings in shares of Enbridge by 9.8% during the fourth quarter. Tectonic Advisors LLC now owns 263,948 shares of the pipeline company’s stock worth $11,199,000 after buying an additional 23,654 shares during the last quarter. Weaver Capital Management LLC increased its position in Enbridge by 5.8% in the 4th quarter. Weaver Capital Management LLC now owns 39,679 shares of the pipeline company’s stock valued at $1,684,000 after acquiring an additional 2,172 shares during the period. Groesbeck Investment Management Corp NJ purchased a new stake in Enbridge during the 4th quarter valued at approximately $518,000. Finally, Hager Investment Management Services LLC acquired a new stake in Enbridge during the 4th quarter worth approximately $99,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Performance

Shares of ENB opened at $44.51 on Friday. The company has a market capitalization of $96.96 billion, a PE ratio of 20.61, a P/E/G ratio of 4.02 and a beta of 0.94. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $45.78. The company has a 50-day simple moving average of $43.18 and a 200-day simple moving average of $41.36. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued 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 dividend payout ratio is currently 121.76%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Morgan Stanley started coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, TD Securities assumed coverage on Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Enbridge presently has an average rating of “Hold” and an average price target of $63.00.

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.