Oakworth Capital Inc. Reduces Stock Holdings in Enbridge Inc $ENB

Oakworth Capital Inc. reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 33.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,787 shares of the pipeline company’s stock after selling 900 shares during the period. Oakworth Capital Inc.’s holdings in Enbridge were worth $81,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. grew its position in shares of Enbridge by 137.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company’s stock valued at $1,458,128,000 after buying an additional 19,074,827 shares during the last quarter. Nuveen LLC purchased a new position in shares of Enbridge during the first quarter worth about $208,490,000. Canada Pension Plan Investment Board grew its holdings in shares of Enbridge by 39.7% during the first quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company’s stock worth $421,675,000 after purchasing an additional 2,707,068 shares during the last quarter. Maple Brown Abbott Ltd purchased a new position in shares of Enbridge during the first quarter worth about $77,976,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Enbridge by 10.5% during the first quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company’s stock worth $781,792,000 after purchasing an additional 1,680,116 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ENB. Zacks Research downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Wall Street Zen downgraded Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Jefferies Financial Group upgraded shares of Enbridge from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Argus raised their target price on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Finally, National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.50.

Enbridge Stock Performance

NYSE:ENB opened at $49.73 on Tuesday. The firm’s fifty day moving average price is $47.68 and its 200 day moving average price is $45.94. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $50.15. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The firm has a market cap of $108.45 billion, a price-to-earnings ratio of 24.50, a price-to-earnings-growth ratio of 4.54 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the previous year, the firm earned $0.58 earnings per share. On average, sell-side analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a $0.6839 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a yield of 5.5%. This is a boost from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s dividend payout ratio is presently 134.98%.

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.