Cannell & Spears LLC Trims Holdings in Enbridge Inc. (NYSE:ENB)

Cannell & Spears LLC lessened its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 70.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,850 shares of the pipeline company’s stock after selling 135,290 shares during the period. Cannell & Spears LLC’s holdings in Enbridge were worth $2,412,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Enbridge in the 4th quarter valued at about $909,415,000. Arrowstreet Capital Limited Partnership increased its holdings in Enbridge by 396.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 12,047,004 shares of the pipeline company’s stock valued at $510,816,000 after buying an additional 9,621,425 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Enbridge during the fourth quarter valued at approximately $180,941,000. Vanguard Group Inc. lifted its holdings in Enbridge by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 91,617,146 shares of the pipeline company’s stock worth $3,888,507,000 after buying an additional 3,611,421 shares during the last quarter. Finally, National Bank of Canada FI grew its position in shares of Enbridge by 12.8% in the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after acquiring an additional 2,061,758 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ENB has been the topic of several research analyst reports. CIBC restated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. TD Securities began coverage on shares of Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating on the stock. Finally, Royal Bank of Canada lifted their price target on shares of Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Price Performance

Shares of ENB opened at $44.23 on Tuesday. Enbridge Inc. has a 12 month low of $32.86 and a 12 month high of $45.78. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.55 and a quick ratio of 0.54. The stock has a fifty day moving average price of $43.49 and a 200 day moving average price of $42.53. The company has a market cap of $96.37 billion, a P/E ratio of 25.71, a PEG ratio of 3.92 and a beta of 0.95.

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

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.