First Mercantile Trust Co. Has $1.45 Million Position in Enbridge Inc (ENB)
First Mercantile Trust Co. lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 24.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,376 shares of the pipeline company’s stock after selling 11,711 shares during the period. First Mercantile Trust Co.’s holdings in Enbridge were worth $1,448,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in the stock. First Personal Financial Services purchased a new stake in Enbridge during the first quarter valued at approximately $102,000. Financial Architects Inc raised its stake in Enbridge by 2,987.7% in the first quarter. Financial Architects Inc now owns 2,501 shares of the pipeline company’s stock valued at $105,000 after buying an additional 2,420 shares during the last quarter. Monroe Bank & Trust MI purchased a new stake in Enbridge during the first quarter valued at approximately $105,000. Kistler Tiffany Companies LLC purchased a new stake in Enbridge during the first quarter valued at approximately $109,000. Finally, NEXT Financial Group Inc raised its stake in Enbridge by 17.7% in the second quarter. NEXT Financial Group Inc now owns 2,731 shares of the pipeline company’s stock valued at $109,000 after buying an additional 411 shares during the last quarter. 63.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Enbridge Inc (NYSE:ENB) opened at 39.90 on Friday. Enbridge Inc has a 52-week low of $37.37 and a 52-week high of $45.77. The stock has a market cap of $65.67 billion, a price-to-earnings ratio of 32.31 and a beta of 0.62. The stock’s 50 day moving average price is $40.65 and its 200-day moving average price is $41.00.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.05. Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The business had revenue of $8.26 billion during the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the prior year, the business posted $0.50 EPS. On average, analysts predict that Enbridge Inc will post $1.57 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a $0.489 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date of this dividend is Friday, August 11th. This is an increase from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s dividend payout ratio (DPR) is currently 173.79%.
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Several research firms have recently commented on ENB. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Wolfe Research initiated coverage on Enbridge in a research report on Friday, May 12th. They issued a “market perform” rating and a $43.00 target price on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $44.00 target price (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Zacks Investment Research lowered Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. Enbridge has a consensus rating of “Hold” and an average price target of $54.00.
Enbridge Company Profile
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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