Towne Trust Company N.A Lowers Stock Holdings in Enbridge Inc $ENB

Towne Trust Company N.A lowered its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 94,674 shares of the pipeline company’s stock after selling 9,525 shares during the period. Enbridge comprises approximately 1.6% of Towne Trust Company N.A’s holdings, making the stock its 20th largest position. Towne Trust Company N.A’s holdings in Enbridge were worth $5,126,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ENB. Norges Bank purchased a new position in shares of Enbridge in the fourth quarter valued at about $1,195,559,000. Auto Owners Insurance Co grew its position in shares of Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Bank of Nova Scotia grew its position in shares of Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after purchasing an additional 5,157,030 shares in the last quarter. Alberta Investment Management Corp bought a new stake in Enbridge during the 4th quarter valued at approximately $132,705,000. Finally, Vanguard Group Inc. raised its stake in Enbridge by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

NYSE:ENB opened at $56.24 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $122.84 billion, a P/E ratio of 26.41 and a beta of 0.58. Enbridge Inc has a 12 month low of $43.59 and a 12 month high of $58.45. The business’s 50-day moving average is $55.12 and its 200 day moving average is $52.15.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. During the same quarter last year, the business posted $1.03 EPS. On average, equities research analysts forecast that Enbridge Inc will post 2.18 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 6.9%. The ex-dividend date was Friday, May 15th. Enbridge’s payout ratio is currently 133.80%.

Analysts Set New Price Targets

ENB has been the subject of several recent analyst reports. Scotiabank restated an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Royal Bank Of Canada raised their target price on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Profile

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.