Norway Savings Bank cut its holdings in shares of Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 19.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,487 shares of the pipeline company’s stock after selling 1,815 shares during the period. Norway Savings Bank’s holdings in Enbridge were worth $304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in ENB. TruNorth Capital Management LLC purchased a new stake in shares of Enbridge in the second quarter worth about $28,000. William B. Walkup & Associates Inc. acquired a new position in Enbridge in the second quarter valued at approximately $28,000. Ameritas Investment Partners Inc. purchased a new stake in Enbridge in the 1st quarter worth approximately $29,000. Richardson Financial Services Inc. acquired a new stake in shares of Enbridge during the 1st quarter worth approximately $31,000. Finally, Grove Bank & Trust increased its holdings in shares of Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 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 up $0.03 during trading hours on Tuesday, reaching $41.18. 828,428 shares of the company were exchanged, compared to its average volume of 4,987,149. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The firm has a market cap of $87.87 billion, a PE ratio of 20.89, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a twelve month low of $31.31 and a twelve month high of $41.35. The stock’s 50-day moving average is $40.12 and its 200-day moving average is $37.38.
Enbridge Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio is presently 134.01%.
Analyst Ratings Changes
Separately, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $51.50.
Check Out Our Latest Analysis on Enbridge
Enbridge Company 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.
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