Old North State Trust LLC Raises Stock Holdings in Enbridge Inc. (NYSE:ENB)

Old North State Trust LLC lifted its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,985 shares of the pipeline company’s stock after purchasing an additional 680 shares during the quarter. Old North State Trust LLC’s holdings in Enbridge were worth $498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ENB. Vanguard Group Inc. lifted its position in Enbridge by 1.5% during the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after purchasing an additional 1,227,031 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of Enbridge by 0.9% in the 1st quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock valued at $1,377,708,000 after acquiring an additional 337,729 shares during the last quarter. 1832 Asset Management L.P. increased its stake in Enbridge by 3.9% during the first quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock worth $1,325,982,000 after acquiring an additional 1,360,439 shares during the last quarter. Cibc World Market Inc. raised its position in Enbridge by 12.8% during the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after purchasing an additional 3,693,495 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Enbridge by 3.7% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after purchasing an additional 827,540 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.2 %

Shares of NYSE ENB opened at $40.71 on Monday. Enbridge Inc. has a 1 year low of $31.03 and a 1 year high of $41.22. The firm has a 50-day simple moving average of $39.26 and a two-hundred day simple moving average of $36.99. The company has a market cap of $86.87 billion, a P/E ratio of 20.66, a PEG ratio of 3.93 and a beta of 0.94. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The company had revenue of $8.29 billion during 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 quarter in the previous year, the business earned $0.51 EPS. Research analysts anticipate that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 6.57%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is 134.01%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Enbridge presently has an average rating of “Hold” and an average target price of $51.50.

Enbridge Company 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.