Griffin Asset Management Inc. Cuts Holdings in Enbridge Inc $ENB

Griffin Asset Management Inc. reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,583 shares of the pipeline company’s stock after selling 5,183 shares during the period. Griffin Asset Management Inc.’s holdings in Enbridge were worth $3,833,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC increased its holdings in Enbridge by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company’s stock valued at $19,431,000 after purchasing an additional 25,071 shares in the last quarter. 111 Capital acquired a new stake in Enbridge in the 2nd quarter valued at $1,887,000. Loudon Investment Management LLC increased its holdings in Enbridge by 40.6% in the 2nd quarter. Loudon Investment Management LLC now owns 29,801 shares of the pipeline company’s stock valued at $1,351,000 after purchasing an additional 8,600 shares in the last quarter. Hartline Investment Corp increased its holdings in Enbridge by 31.3% in the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company’s stock valued at $1,600,000 after purchasing an additional 8,610 shares in the last quarter. Finally, JBR Co Financial Management Inc acquired a new stake in Enbridge in the 1st quarter valued at $330,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENB. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Wednesday, October 8th. Argus raised their target price on Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. CIBC downgraded Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday. National Bankshares restated a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Finally, Jefferies Financial Group upgraded Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.50.

Enbridge Stock Down 0.7%

NYSE:ENB opened at $47.67 on Monday. The company has a market capitalization of $103.96 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 4.38 and a beta of 0.78. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The stock has a 50-day simple moving average of $48.41 and a 200 day simple moving average of $46.28. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same period last year, the firm earned $0.58 earnings per share. Sell-side analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. This represents a $2.74 dividend on an annualized basis and a yield of 5.7%. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge’s payout ratio is 134.98%.

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.