Suntrust Banks Inc. Has $7.20 Million Stake in Enbridge Inc (ENB)
Suntrust Banks Inc. grew its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 27.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 180,801 shares of the pipeline company’s stock after acquiring an additional 39,486 shares during the period. Suntrust Banks Inc.’s holdings in Enbridge were worth $7,196,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in ENB. CGOV Asset Management grew its position in shares of Enbridge by 49.1% in the 1st quarter. CGOV Asset Management now owns 1,093,641 shares of the pipeline company’s stock valued at $60,927,000 after acquiring an additional 360,225 shares during the period. United States Steel & Carnegie Pension Fund grew its position in shares of Enbridge by 27.0% in the 1st quarter. United States Steel & Carnegie Pension Fund now owns 1,647,915 shares of the pipeline company’s stock valued at $68,949,000 after acquiring an additional 350,450 shares during the period. State Board of Administration of Florida Retirement System bought a new position in shares of Enbridge in the 1st quarter valued at about $1,234,000. BNP Paribas Arbitrage SA bought a new position in shares of Enbridge in the 1st quarter valued at about $390,000. Finally, World Asset Management Inc grew its position in shares of Enbridge by 77.6% in the 1st quarter. World Asset Management Inc now owns 101,606 shares of the pipeline company’s stock valued at $4,251,000 after acquiring an additional 44,406 shares during the period. 61.58% of the stock is owned by institutional investors.
A number of brokerages have recently commented on ENB. BidaskClub downgraded shares of Enbridge from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Morgan Stanley reissued an “equal weight” rating and issued a $44.00 price objective (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. J P Morgan Chase & Co reissued a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Finally, Zacks Investment Research downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $54.67.
Shares of Enbridge Inc (ENB) traded down 0.97% during mid-day trading on Friday, reaching $41.04. 1,657,912 shares of the company’s stock traded hands. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.09. The firm has a 50-day moving average of $40.46 and a 200 day moving average of $40.52. The company has a market cap of $67.54 billion, a P/E ratio of 32.21 and a beta of 0.63.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results 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). The business had revenue of $8.26 billion for the quarter, compared to the consensus estimate of $8.81 billion. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. During the same quarter in the prior year, the business earned $0.50 EPS. Equities analysts forecast that Enbridge Inc will post $1.66 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were given a dividend of $0.489 per share. This represents a $1.96 dividend on an annualized basis and a yield of 4.77%. The ex-dividend date of this dividend was Friday, August 11th. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s dividend payout ratio (DPR) is currently 190.29%.
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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