Principal Financial Group Inc. Trims Stock Position in Enbridge Inc. (NYSE:ENB)

Principal Financial Group Inc. lessened its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,061 shares of the pipeline company’s stock after selling 1,400 shares during the period. Principal Financial Group Inc.’s holdings in Enbridge were worth $1,496,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nations Financial Group Inc. IA ADV increased its position in shares of Enbridge by 1.7% during the second quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock valued at $649,000 after acquiring an additional 298 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Enbridge by 8.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 882,507 shares of the pipeline company’s stock worth $31,389,000 after purchasing an additional 69,355 shares in the last quarter. Ridgewood Investments LLC purchased a new position in shares of Enbridge in the second quarter worth $58,000. Arkadios Wealth Advisors bought a new position in shares of Enbridge during the second quarter valued at $370,000. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in shares of Enbridge by 3.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock valued at $294,000 after buying an additional 298 shares during the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 0.6 %

ENB opened at $40.48 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 company has a market capitalization of $86.38 billion, a PE ratio of 20.55, a PEG ratio of 3.92 and a beta of 0.94. Enbridge Inc. has a 1-year low of $31.03 and a 1-year high of $40.83. The firm’s 50 day simple moving average is $38.19 and its two-hundred day simple moving average is $36.53.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. The company had revenue of $8.29 billion for the quarter, compared to analysts’ expectations 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 earned $0.51 EPS. As a group, equities analysts forecast that Enbridge Inc. will post 2.06 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently announced 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 6.61%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

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.