Enbridge Inc $ENB Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC reduced its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 42.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 13,683 shares of the pipeline company’s stock after selling 10,267 shares during the quarter. Townsquare Capital LLC’s holdings in Enbridge were worth $690,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Enbridge in the second quarter worth $1,113,368,000. Canada Pension Plan Investment Board increased its position in Enbridge by 38.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock worth $599,556,000 after purchasing an additional 3,687,334 shares in the last quarter. Vanguard Group Inc. raised its stake in Enbridge by 3.5% in the 2nd quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock valued at $4,371,580,000 after purchasing an additional 3,217,961 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after purchasing an additional 2,989,992 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Enbridge in the 2nd quarter valued at about $132,105,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of Enbridge stock opened at $48.81 on Friday. The business’s fifty day moving average price is $47.42 and its 200 day moving average price is $47.56. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company has a current ratio of 0.80, a quick ratio of 0.68 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $106.49 billion, a P/E ratio of 26.82 and a beta of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Enbridge had a return on equity of 10.51% and a net margin of 9.20%.During the same quarter last year, the business earned $0.55 earnings per share. As a group, research analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be issued a $0.97 dividend. The ex-dividend date is Tuesday, February 17th. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a yield of 7.9%. Enbridge’s payout ratio is 147.80%.

Analysts Set New Price Targets

ENB has been the subject of a number of recent research reports. CIBC downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Cibc World Mkts cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Monday, November 10th. Zacks Research raised Enbridge from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Finally, Scotiabank upgraded Enbridge from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 16th. Five investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $63.00.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.