Cresset Asset Management LLC Trims Stake in Enbridge Inc. (NYSE:ENB)

Cresset Asset Management LLC lessened its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 41.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 54,722 shares of the pipeline company’s stock after selling 38,933 shares during the quarter. Cresset Asset Management LLC’s holdings in Enbridge were worth $2,322,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Barclays PLC grew its stake in Enbridge by 8.3% in the 3rd quarter. Barclays PLC now owns 584,020 shares of the pipeline company’s stock worth $23,717,000 after acquiring an additional 44,675 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Enbridge by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after purchasing an additional 176,733 shares in the last quarter. Baker Tilly Wealth Management LLC increased its holdings in Enbridge by 9.6% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 29,198 shares of the pipeline company’s stock worth $1,239,000 after purchasing an additional 2,563 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Enbridge by 70.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company’s stock worth $52,648,000 after buying an additional 536,818 shares during the period. Finally, ST Germain D J Co. Inc. grew its position in shares of Enbridge by 81.4% during the 4th quarter. ST Germain D J Co. Inc. now owns 1,560 shares of the pipeline company’s stock worth $66,000 after buying an additional 700 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on ENB shares. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Citigroup began coverage on shares of Enbridge in a report on Friday, April 4th. They set a “buy” rating on the stock. Raymond James raised Enbridge to a “moderate buy” rating in a research report on Wednesday, April 23rd. TD Securities initiated coverage on Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Finally, Royal Bank of Canada raised their price objective on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a research report on Tuesday, February 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Enbridge Stock Performance

Shares of ENB stock opened at $46.10 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.54 and a debt-to-equity ratio of 1.50. The company has a market cap of $100.50 billion, a PE ratio of 26.80, a PEG ratio of 3.92 and a beta of 0.84. Enbridge Inc. has a 12-month low of $34.60 and a 12-month high of $47.08. The business’s fifty day simple moving average is $44.24 and its 200-day simple moving average is $43.30.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.23. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. The company had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period last year, the business posted $0.64 earnings per share. Analysts expect that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.679 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $2.72 dividend on an annualized basis and a yield of 5.89%. Enbridge’s dividend payout ratio is presently 157.56%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.