Enbridge Inc. (NYSE:ENB) Shares Sold by Pettyjohn Wood & White Inc.

Pettyjohn Wood & White Inc. lowered its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 61,303 shares of the pipeline company’s stock after selling 3,725 shares during the quarter. Pettyjohn Wood & White Inc.’s holdings in Enbridge were worth $2,601,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its position in Enbridge by 19.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 75,098 shares of the pipeline company’s stock valued at $3,054,000 after purchasing an additional 12,431 shares during the last quarter. Fortitude Family Office LLC acquired a new position in shares of Enbridge in the 3rd quarter worth approximately $35,000. Nicholas Hoffman & Company LLC. increased its holdings in shares of Enbridge by 46.7% in the third quarter. Nicholas Hoffman & Company LLC. now owns 9,837 shares of the pipeline company’s stock valued at $399,000 after buying an additional 3,133 shares in the last quarter. First Trust Direct Indexing L.P. boosted its position in shares of Enbridge by 2.4% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 20,702 shares of the pipeline company’s stock valued at $841,000 after purchasing an additional 478 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Enbridge by 7.4% during the third quarter. Pinnacle Associates Ltd. now owns 91,532 shares of the pipeline company’s stock valued at $3,717,000 after acquiring an additional 6,293 shares during the period. Institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ENB. Royal Bank of Canada lifted their target price on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. TD Securities started coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Enbridge presently has an average rating of “Hold” and a consensus target price of $67.00.

Enbridge Price Performance

ENB opened at $41.74 on Friday. Enbridge Inc. has a 12 month low of $32.85 and a 12 month high of $45.78. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The stock has a market cap of $90.94 billion, a P/E ratio of 24.26, a P/E/G ratio of 3.92 and a beta of 0.94. The company has a fifty day simple moving average of $43.40 and a 200 day simple moving average of $41.95.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The firm had revenue of $11.59 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the business posted $0.64 EPS. On average, research analysts expect that Enbridge Inc. will post 2.14 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.42%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 155.81%.

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.