Enbridge Inc. (NYSE:ENB) Shares Sold by Cornell Pochily Investment Advisors Inc.

Cornell Pochily Investment Advisors Inc. reduced its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,023 shares of the pipeline company’s stock after selling 448 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Enbridge were worth $569,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. M&G Plc purchased a new position in shares of Enbridge during the 1st quarter worth approximately $152,843,000. Cibc World Market Inc. lifted its holdings in Enbridge by 12.8% in the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after acquiring an additional 3,693,495 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Enbridge by 66.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock worth $327,172,000 after purchasing an additional 3,624,089 shares in the last quarter. National Bank of Canada FI grew its stake in shares of Enbridge by 11.3% during the 1st quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company’s stock worth $818,370,000 after purchasing an additional 2,203,123 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Enbridge by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 83,053,455 shares of the pipeline company’s stock valued at $2,991,585,000 after purchasing an additional 1,561,598 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of NYSE:ENB opened at $41.15 on Tuesday. The business has a fifty day simple moving average of $40.12 and a 200-day simple moving average of $37.38. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $41.35. The company has a market cap of $87.80 billion, a P/E ratio of 20.89, a P/E/G ratio of 3.94 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same quarter in the prior year, the business posted $0.51 earnings per share. Equities research analysts forecast that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is currently 134.01%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $51.50.

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.