Enbridge Energy Management, L.L.C. (EEQ) Stake Lessened by Opera Trading Capital
Opera Trading Capital cut its holdings in shares of Enbridge Energy Management, L.L.C. (NYSE:EEQ) by 88.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,872 shares of the oil and gas producer’s stock after selling 116,054 shares during the period. Opera Trading Capital’s holdings in Enbridge Energy Management were worth $173,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Franklin Square Holdings L.P. acquired a new position in shares of Enbridge Energy Management in the 2nd quarter valued at $339,000. Sei Investments Co. increased its position in shares of Enbridge Energy Management by 13,648.0% in the 2nd quarter. Sei Investments Co. now owns 37,532 shares of the oil and gas producer’s stock valued at $385,000 after acquiring an additional 37,259 shares during the period. BNP Paribas Arbitrage SA grew its position in Enbridge Energy Management by 13,838.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 51,991 shares of the oil and gas producer’s stock worth $533,000 after purchasing an additional 51,618 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in Enbridge Energy Management during the 2nd quarter worth about $586,000. Finally, Millennium Management LLC grew its position in Enbridge Energy Management by 43.2% during the 1st quarter. Millennium Management LLC now owns 91,981 shares of the oil and gas producer’s stock worth $841,000 after purchasing an additional 27,738 shares during the period. 74.34% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on EEQ shares. ValuEngine raised Enbridge Energy Management from a “strong sell” rating to a “sell” rating in a research report on Friday, August 3rd. Royal Bank of Canada reaffirmed a “hold” rating and set a $12.00 price target on shares of Enbridge Energy Management in a research report on Wednesday, August 8th. Finally, Zacks Investment Research raised Enbridge Energy Management from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Monday, October 8th. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Enbridge Energy Management currently has an average rating of “Hold” and a consensus price target of $13.00.
The business also recently declared a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Wednesday, November 7th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 12.64%. The ex-dividend date was Tuesday, November 6th.
Enbridge Energy Management Company Profile
Enbridge Energy Management, LLC, through its limited partner interests in Enbridge Energy Partners, L.P., owns and operates a portfolio of crude oil transportation systems in the United States. Its principal crude oil system is the pipeline transporter of oil production from western Canada and the North Dakota Bakken formation.
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