Spirit of America Management Corp NY Decreases Stock Holdings in Enbridge Inc $ENB

Spirit of America Management Corp NY decreased its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.3% in the third quarter, HoldingsChannel reports. The fund owned 153,127 shares of the pipeline company’s stock after selling 12,000 shares during the quarter. Enbridge makes up about 1.5% of Spirit of America Management Corp NY’s portfolio, making the stock its 10th largest holding. Spirit of America Management Corp NY’s holdings in Enbridge were worth $7,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of ENB. Vanguard Group Inc. lifted its position in Enbridge by 3.5% during the second 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 in the last quarter. TD Asset Management Inc increased its position in Enbridge by 1.6% in the second quarter. TD Asset Management Inc now owns 39,883,394 shares of the pipeline company’s stock worth $1,804,913,000 after buying an additional 617,577 shares in the last quarter. Norges Bank bought a new position in shares of Enbridge in the second quarter worth about $1,113,368,000. Legal & General Group Plc lifted its position in shares of Enbridge by 1.1% during the 2nd quarter. Legal & General Group Plc now owns 18,861,475 shares of the pipeline company’s stock valued at $853,669,000 after buying an additional 207,243 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Enbridge by 20.2% during 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 acquiring an additional 2,989,992 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on ENB. Weiss Ratings cut shares of Enbridge from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Royal Bank Of Canada raised their price objective on shares of Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. CIBC downgraded shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Zacks Research lowered Enbridge from a “hold” rating to a “strong sell” rating in a research note on Tuesday, November 11th. Finally, National Bankshares restated a “sector perform” rating on shares of Enbridge in a research report on Monday, November 10th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Stock Performance

Shares of NYSE ENB opened at $47.48 on Friday. The company has a market cap of $103.56 billion, a P/E ratio of 26.09 and a beta of 0.68. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $50.54. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.68 and a current ratio of 0.80. The firm’s fifty day moving average is $47.53 and its two-hundred day moving average is $47.17.

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 the consensus estimate of $0.39 by ($0.06). The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same period last year, the company earned $0.55 EPS. As a group, analysts anticipate 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 will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be issued a dividend of $0.97 per share. The ex-dividend date is Tuesday, February 17th. This represents a $3.88 annualized dividend and a yield of 8.2%. This is a boost from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s dividend payout ratio (DPR) is 147.80%.

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.