Duff & Phelps Investment Management Co. Decreases Stake in Enbridge Inc (ENB)
Duff & Phelps Investment Management Co. lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 17.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,629,707 shares of the pipeline company’s stock after selling 344,730 shares during the period. Duff & Phelps Investment Management Co.’s holdings in Enbridge were worth $64,879,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Enbridge by 3.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 195,023 shares of the pipeline company’s stock valued at $8,214,000 after buying an additional 7,196 shares in the last quarter. Chevy Chase Trust Holdings Inc. purchased a new position in Enbridge during the first quarter valued at about $325,000. Pennsylvania Trust Co purchased a new position in Enbridge during the first quarter valued at about $5,251,000. Mitchell Mcleod Pugh & Williams Inc. purchased a new position in Enbridge during the first quarter valued at about $1,048,000. Finally, Home Federal Bank of Tennessee purchased a new position in Enbridge during the first quarter valued at about $2,742,000. 63.83% of the stock is currently owned by hedge funds and other institutional investors.
Enbridge Inc (NYSE:ENB) opened at 39.90 on Friday. The stock has a 50 day moving average price of $40.65 and a 200-day moving average price of $41.00. Enbridge Inc has a 1-year low of $37.37 and a 1-year high of $45.77. The firm has a market cap of $65.67 billion, a P/E ratio of 32.31 and a beta of 0.62.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by $0.05. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. During the same quarter last year, the firm posted $0.50 EPS. Equities research analysts forecast that Enbridge Inc will post $1.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.489 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date is Friday, August 11th. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is 173.79%.
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ENB has been the topic of several research reports. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a report on Monday, April 24th. Morgan Stanley initiated coverage on Enbridge in a report on Tuesday, May 2nd. They set an “equal weight” rating and a $45.00 price objective on the stock. Wolfe Research initiated coverage on Enbridge in a report on Friday, May 12th. They set a “market perform” rating and a $43.00 price objective on the stock. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Finally, BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Enbridge presently has a consensus rating of “Hold” and an average target price of $54.00.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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