Enbridge Inc. (NYSE:ENB) is 1832 Asset Management L.P.’s 5th Largest Position

1832 Asset Management L.P. lessened its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 35,901,074 shares of the pipeline company’s stock after selling 748,505 shares during the quarter. Enbridge accounts for 1.0% of 1832 Asset Management L.P.’s portfolio, making the stock its 5th biggest holding. 1832 Asset Management L.P.’s holdings in Enbridge were worth $1,277,719,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. TruNorth Capital Management LLC bought a new stake in Enbridge during the second quarter valued at about $28,000. Ameritas Investment Partners Inc. bought a new stake in Enbridge during the first quarter valued at about $29,000. Richardson Financial Services Inc. bought a new stake in Enbridge during the first quarter valued at about $31,000. PFS Partners LLC grew its holdings in Enbridge by 95.8% during the first quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 451 shares during the period. Finally, Northwest Bank & Trust Co bought a new stake in Enbridge during the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $40.52 on Friday. The stock has a 50-day simple moving average of $38.79 and a two-hundred day simple moving average of $36.80. Enbridge Inc. has a 52-week low of $31.03 and a 52-week high of $41.22. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market capitalization of $86.47 billion, a PE ratio of 20.57, a P/E/G ratio of 3.91 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the previous year, the company posted $0.51 earnings per share. Analysts forecast that Enbridge Inc. will post 2.06 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.60%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is 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.