FormulaFolio Investments LLC Has $367,000 Holdings in Enbridge Inc (ENB)
FormulaFolio Investments LLC decreased its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 52.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,381 shares of the pipeline company’s stock after selling 12,454 shares during the quarter. FormulaFolio Investments LLC’s holdings in Enbridge were worth $367,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of ENB. Welch Group LLC acquired a new stake in Enbridge in the 2nd quarter worth about $109,000. Legacy Advisors LLC acquired a new stake in Enbridge in the 3rd quarter worth about $115,000. Spectrum Management Group Inc. acquired a new stake in Enbridge in the 2nd quarter worth about $119,000. Centersquare Investment Management LLC raised its stake in Enbridge by 93.0% in the 2nd quarter. Centersquare Investment Management LLC now owns 3,610 shares of the pipeline company’s stock worth $129,000 after purchasing an additional 1,740 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in shares of Enbridge in the 3rd quarter valued at approximately $137,000. Institutional investors and hedge funds own 55.08% of the company’s stock.
ENB has been the subject of several analyst reports. Bank of America upgraded shares of Enbridge from a “neutral” rating to a “buy” rating and boosted their target price for the company from $49.00 to $50.00 in a research report on Friday, August 17th. Citigroup restated a “neutral” rating on shares of Enbridge in a research report on Monday, September 24th. Zacks Investment Research upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Monday, October 8th. UBS Group initiated coverage on shares of Enbridge in a research report on Thursday, October 4th. They issued a “buy” rating for the company. Finally, ValuEngine upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $49.17.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 2nd. The pipeline company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.28 billion. Enbridge had a net margin of 3.95% and a return on equity of 8.81%. During the same period in the previous year, the company earned $0.39 EPS. As a group, research analysts expect that Enbridge Inc will post 2.23 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Thursday, November 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 6.18%. The ex-dividend date of this dividend is Wednesday, November 14th. Enbridge’s dividend payout ratio is 132.47%.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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