Lorne Steinberg Wealth Management Inc. Cuts Stake in Enbridge Inc. (NYSE:ENB)

Lorne Steinberg Wealth Management Inc. cut its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 24.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,718 shares of the pipeline company’s stock after selling 1,486 shares during the quarter. Lorne Steinberg Wealth Management Inc.’s holdings in Enbridge were worth $170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. National Wealth Management Group LLC lifted its holdings in Enbridge by 25.7% during the fourth quarter. National Wealth Management Group LLC now owns 14,116 shares of the pipeline company’s stock valued at $508,000 after purchasing an additional 2,883 shares during the last quarter. Larson Financial Group LLC lifted its holdings in shares of Enbridge by 14.2% in the fourth quarter. Larson Financial Group LLC now owns 6,449 shares of the pipeline company’s stock worth $232,000 after buying an additional 800 shares in the last quarter. Aspire Private Capital LLC lifted its holdings in shares of Enbridge by 2.7% in the fourth quarter. Aspire Private Capital LLC now owns 17,791 shares of the pipeline company’s stock worth $641,000 after buying an additional 470 shares in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in shares of Enbridge by 14.2% in the fourth quarter. Capital Investment Advisory Services LLC now owns 51,655 shares of the pipeline company’s stock worth $1,861,000 after buying an additional 6,418 shares in the last quarter. Finally, Brendel Financial Advisors LLC lifted its holdings in shares of Enbridge by 6.0% in the fourth quarter. Brendel Financial Advisors LLC now owns 59,274 shares of the pipeline company’s stock worth $2,135,000 after buying an additional 3,353 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

NYSE ENB traded down $0.06 on Wednesday, reaching $35.36. 2,600,416 shares of the company’s stock traded hands, compared to its average volume of 5,661,070. Enbridge Inc. has a 12 month low of $31.03 and a 12 month high of $40.30. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.83 and a quick ratio of 0.74. The stock has a 50-day simple moving average of $35.07 and a 200 day simple moving average of $34.76. The stock has a market cap of $75.17 billion, a PE ratio of 16.78, a P/E/G ratio of 3.31 and a beta of 0.84.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). Enbridge had a net margin of 13.97% and a return on equity of 10.23%. The business had revenue of $8.37 billion for the quarter, compared to the consensus estimate of $9.62 billion. As a group, research analysts predict that Enbridge Inc. will post 2.14 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Stifel Nicolaus assumed coverage on shares of Enbridge in a report on Thursday, January 18th. They issued a “hold” rating on the stock. Jefferies Financial Group began coverage on shares of Enbridge in a report on Tuesday, February 27th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $55.20.

About Enbridge

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.