Enbridge Inc (ENB) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia decreased its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 30.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,608,568 shares of the pipeline company’s stock after selling 2,495,231 shares during the period. Enbridge accounts for 1.2% of Bank of Nova Scotia’s investment portfolio, making the stock its 15th largest holding. Bank of Nova Scotia owned about 0.34% of Enbridge worth $223,487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of ENB. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Enbridge by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,663 shares of the pipeline company’s stock valued at $265,000 after purchasing an additional 22 shares during the last quarter. Omnia Family Wealth LLC raised its position in Enbridge by 0.4% in the 2nd quarter. Omnia Family Wealth LLC now owns 7,405 shares of the pipeline company’s stock valued at $295,000 after purchasing an additional 28 shares during the last quarter. HM Payson & Co. raised its position in Enbridge by 0.8% in the 2nd quarter. HM Payson & Co. now owns 6,440 shares of the pipeline company’s stock valued at $256,000 after purchasing an additional 50 shares during the last quarter. FineMark National Bank & Trust raised its position in Enbridge by 0.6% in the 2nd quarter. FineMark National Bank & Trust now owns 9,291 shares of the pipeline company’s stock valued at $370,000 after purchasing an additional 53 shares during the last quarter. Finally, Hudock Capital Group LLC raised its position in Enbridge by 1.0% in the 2nd quarter. Hudock Capital Group LLC now owns 6,269 shares of the pipeline company’s stock valued at $249,000 after purchasing an additional 61 shares during the last quarter. Institutional investors and hedge funds own 61.58% of the company’s stock.

Several analysts recently commented on the stock. BidaskClub upgraded shares of Enbridge from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Morgan Stanley reiterated an “equal weight” rating and issued a $44.00 price target (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Zacks Investment Research downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Enbridge currently has an average rating of “Hold” and an average target price of $56.00.

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Shares of Enbridge Inc (NYSE:ENB) traded up 0.717% during trading on Tuesday, reaching $41.415. 403,561 shares of the company’s stock were exchanged. The company’s 50-day moving average is $40.87 and its 200 day moving average is $40.55. Enbridge Inc has a 52 week low of $37.37 and a 52 week high of $45.09. The stock has a market capitalization of $68.16 billion, a PE ratio of 32.508 and a beta of 0.65.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.05). Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the firm posted $0.50 EPS. On average, analysts forecast that Enbridge Inc will post $1.63 earnings per share for the current year.

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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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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