Jacobs & Co. CA Trims Stake in Enbridge Inc. (NYSE:ENB)

Jacobs & Co. CA lessened its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 279,585 shares of the pipeline company’s stock after selling 5,427 shares during the quarter. Jacobs & Co. CA’s holdings in Enbridge were worth $11,353,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. TruNorth Capital Management LLC purchased a new position in Enbridge during the second quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new stake in Enbridge in the second quarter worth about $28,000. Ameritas Investment Partners Inc. bought a new position in shares of Enbridge during the first quarter valued at approximately $29,000. Richardson Financial Services Inc. purchased a new position in shares of Enbridge during the first quarter valued at approximately $31,000. Finally, PFS Partners LLC boosted its position in shares of Enbridge by 95.8% in the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 451 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research report on Monday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus price target of $51.50.

Enbridge Stock Down 0.2 %

Shares of Enbridge stock opened at $41.05 on Thursday. The company has a 50-day simple moving average of $39.52 and a two-hundred day simple moving average of $37.09. Enbridge Inc. has a 52-week low of $31.03 and a 52-week high of $41.35. 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 stock has a market capitalization of $87.60 billion, a PE ratio of 20.84, a price-to-earnings-growth ratio of 3.93 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data 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. The business had revenue of $8.29 billion for 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 period in the prior year, the firm posted $0.51 EPS. On average, analysts anticipate that Enbridge Inc. will post 2.08 EPS for the current fiscal 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 paid a $0.669 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.52%. Enbridge’s dividend payout ratio 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.