Blue Fin Capital Inc. Decreases Stake in Enbridge Inc (ENB)
Blue Fin Capital Inc. lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.8% during the second quarter, Holdings Channel reports. The fund owned 38,523 shares of the pipeline company’s stock after selling 1,940 shares during the period. Blue Fin Capital Inc.’s holdings in Enbridge were worth $1,533,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ENB. Bank of America Corp DE increased its position in Enbridge by 1,072.3% in the first quarter. Bank of America Corp DE now owns 30,748,683 shares of the pipeline company’s stock valued at $1,286,524,000 after buying an additional 28,125,698 shares during the last quarter. Vanguard Group Inc. increased its position in Enbridge by 82.9% in the first quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after buying an additional 17,671,076 shares during the last quarter. State Street Corp purchased a new position in Enbridge during the first quarter valued at approximately $478,509,000. TD Asset Management Inc. increased its position in Enbridge by 28.2% in the first quarter. TD Asset Management Inc. now owns 41,491,668 shares of the pipeline company’s stock valued at $1,733,219,000 after buying an additional 9,123,400 shares during the last quarter. Finally, FMR LLC increased its position in Enbridge by 30.6% in the first quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock valued at $1,444,626,000 after buying an additional 8,072,511 shares during the last quarter. Institutional investors own 63.83% of the company’s stock.
Shares of Enbridge Inc (NYSE ENB) opened at 39.47 on Friday. The firm’s 50-day moving average price is $40.66 and its 200 day moving average price is $40.98. Enbridge Inc has a 12 month low of $37.37 and a 12 month high of $45.77. The company has a market cap of $64.96 billion, a PE ratio of 31.96 and a beta of 0.62.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by $0.05. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The company had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.81 billion. During the same period in the prior year, the company posted $0.50 EPS. Equities research analysts anticipate that Enbridge Inc will post $1.57 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be given a dividend of $0.489 per share. The ex-dividend date is Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.96%. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s dividend payout ratio is currently 173.79%.
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. J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. 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. BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a report on Saturday, June 24th. Finally, 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. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. Enbridge presently has an average rating of “Hold” and a consensus price target 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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