Enbridge Inc. (NYSE:ENB) Shares Sold by Convergence Financial LLC

Convergence Financial LLC lowered its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 12.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 5,546 shares of the pipeline company’s stock after selling 772 shares during the quarter. Convergence Financial LLC’s holdings in Enbridge were worth $235,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. lifted its holdings in Enbridge by 19.8% during the third quarter. Assenagon Asset Management S.A. now owns 75,098 shares of the pipeline company’s stock valued at $3,054,000 after purchasing an additional 12,431 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of Enbridge during the 3rd quarter worth about $35,000. Nicholas Hoffman & Company LLC. lifted its stake in Enbridge by 46.7% in the 3rd quarter. Nicholas Hoffman & Company LLC. now owns 9,837 shares of the pipeline company’s stock valued at $399,000 after buying an additional 3,133 shares in the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Enbridge by 2.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 20,702 shares of the pipeline company’s stock worth $841,000 after buying an additional 478 shares during the last quarter. Finally, Pinnacle Associates Ltd. increased its stake in Enbridge by 7.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 91,532 shares of the pipeline company’s stock worth $3,717,000 after buying an additional 6,293 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.0 %

Shares of Enbridge stock opened at $41.74 on Friday. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $45.78. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54. The stock has a market cap of $90.94 billion, a P/E ratio of 24.26, a P/E/G ratio of 3.92 and a beta of 0.94. The stock’s 50 day simple moving average is $43.40 and its 200-day simple moving average is $41.95.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the prior year, the business earned $0.64 EPS. Analysts predict that Enbridge Inc. will post 2.14 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.42%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is presently 155.81%.

Wall Street Analyst Weigh In

ENB has been the topic of several research reports. TD Securities began coverage on Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating on the stock. Royal Bank of Canada raised their price objective on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.00.

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.