Lake Street Advisors Group LLC Trims Holdings in Enbridge Inc. (NYSE:ENB)

Lake Street Advisors Group LLC reduced its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 74.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 13,902 shares of the pipeline company’s stock after selling 40,084 shares during the period. Lake Street Advisors Group LLC’s holdings in Enbridge were worth $565,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ENB. Tandem Capital Management Corp ADV boosted its stake in shares of Enbridge by 19.0% during the 3rd quarter. Tandem Capital Management Corp ADV now owns 16,665 shares of the pipeline company’s stock valued at $677,000 after buying an additional 2,665 shares during the last quarter. Ballentine Partners LLC raised its stake in shares of Enbridge by 3.3% during the third quarter. Ballentine Partners LLC now owns 10,342 shares of the pipeline company’s stock valued at $420,000 after purchasing an additional 329 shares in the last quarter. Cross Staff Investments Inc bought a new position in shares of Enbridge in the third quarter valued at approximately $214,000. Tectonic Advisors LLC grew its holdings in Enbridge by 12.3% during the third quarter. Tectonic Advisors LLC now owns 240,294 shares of the pipeline company’s stock worth $9,758,000 after acquiring an additional 26,251 shares during the period. Finally, Rowlandmiller & PARTNERS.ADV acquired a new stake in shares of Enbridge during the 3rd quarter valued at $104,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ENB has been the topic of several research reports. Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley initiated coverage on Enbridge in a research note on Friday. They set an “equal weight” rating on the stock.

Enbridge Stock Down 0.5 %

Shares of Enbridge stock opened at $40.94 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The stock has a market cap of $89.16 billion, a PE ratio of 21.32, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. The business has a fifty day simple moving average of $40.60 and a 200 day simple moving average of $37.72. Enbridge Inc. has a 12 month low of $31.31 and a 12 month high of $42.16.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period in the prior year, the business earned $0.51 EPS. Research analysts predict that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a dividend of $0.669 per share. This represents a $2.68 annualized dividend and a yield of 6.54%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 137.50%.

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.