Nexus Investment Management ULC Sells 29,425 Shares of Enbridge Inc. (NYSE:ENB)

Nexus Investment Management ULC reduced its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 687,192 shares of the pipeline company’s stock after selling 29,425 shares during the period. Enbridge makes up 2.9% of Nexus Investment Management ULC’s investment portfolio, making the stock its 16th largest holding. Nexus Investment Management ULC’s holdings in Enbridge were worth $29,101,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ENB. William B. Walkup & Associates Inc. acquired a new position in Enbridge during the 2nd quarter valued at about $28,000. McIlrath & Eck LLC boosted its position in shares of Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after buying an additional 295 shares during the last quarter. Grove Bank & Trust boosted its position in shares of Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares during the last quarter. MFA Wealth Advisors LLC grew its holdings in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after buying an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new position in Enbridge during the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Analysts Set New Price Targets

ENB has been the subject of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. TD Securities assumed coverage on Enbridge in a research note on Wednesday. They issued a “buy” rating on the stock. Finally, Morgan Stanley started coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.00.

Enbridge Stock Performance

NYSE ENB opened at $44.53 on Friday. The company has a market capitalization of $97.00 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 4.00 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $44.90. The company has a 50-day simple moving average of $42.75 and a 200 day simple moving average of $40.54.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The company had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter last year, the business posted $0.46 EPS. On average, research analysts predict that Enbridge Inc. will post 1.97 EPS for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.02%. Enbridge’s dividend payout ratio is presently 121.76%.

Enbridge 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.