Towne Trust Company N.A Sells 9,525 Shares of Enbridge Inc $ENB

Towne Trust Company N.A lowered its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 9.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,674 shares of the pipeline company’s stock after selling 9,525 shares during the period. Enbridge makes up approximately 1.6% of Towne Trust Company N.A’s investment portfolio, making the stock its 20th biggest position. Towne Trust Company N.A’s holdings in Enbridge were worth $5,126,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC purchased a new position in shares of Enbridge in the 4th quarter worth approximately $261,000. AQR Capital Management LLC lifted its position in Enbridge by 68.5% in the first quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock worth $1,264,000 after buying an additional 11,599 shares during the last quarter. AXA S.A. lifted its position in Enbridge by 15.5% in the second quarter. AXA S.A. now owns 113,887 shares of the pipeline company’s stock worth $5,161,000 after buying an additional 15,259 shares during the last quarter. Diversify Advisory Services LLC boosted its stake in Enbridge by 93.1% during the second quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company’s stock worth $1,042,000 after buying an additional 10,617 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its stake in Enbridge by 80.1% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company’s stock worth $3,553,000 after buying an additional 34,912 shares during the period. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

ENB stock opened at $56.24 on Friday. Enbridge Inc has a twelve month low of $43.59 and a twelve month high of $58.45. The firm has a market cap of $122.84 billion, a price-to-earnings ratio of 26.41 and a beta of 0.58. The business’s fifty day simple moving average is $55.12 and its two-hundred day simple moving average is $52.15. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The firm had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period in the previous year, the firm earned $1.03 earnings per share. Analysts predict that Enbridge Inc will post 2.18 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 6.9%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s payout ratio is 133.80%.

Wall Street Analyst Weigh In

ENB has been the topic of a number of analyst reports. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Royal Bank Of Canada increased their price objective on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Finally, Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Saturday. Seven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Enbridge currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.