Norway Savings Bank Sells 950 Shares of Enbridge Inc (NYSE:ENB)

Norway Savings Bank reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 15.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,237 shares of the pipeline company’s stock after selling 950 shares during the period. Norway Savings Bank’s holdings in Enbridge were worth $232,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in Enbridge in the fourth quarter worth approximately $909,415,000. Arrowstreet Capital Limited Partnership grew its position in shares of Enbridge by 396.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 12,047,004 shares of the pipeline company’s stock worth $510,816,000 after buying an additional 9,621,425 shares in the last quarter. Blackstone Inc. grew its position in shares of Enbridge by 650.7% during the 4th quarter. Blackstone Inc. now owns 5,718,089 shares of the pipeline company’s stock worth $242,619,000 after buying an additional 4,956,379 shares in the last quarter. Deutsche Bank AG grew its position in shares of Enbridge by 13.9% during the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company’s stock worth $1,541,745,000 after buying an additional 4,426,684 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Enbridge during the 4th quarter worth $180,941,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Price Performance

Shares of NYSE ENB opened at $44.71 on Friday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.66 and a current ratio of 0.73. The company has a market cap of $97.47 billion, a PE ratio of 23.04, a P/E/G ratio of 4.24 and a beta of 0.81. The business has a 50-day simple moving average of $45.80 and a two-hundred day simple moving average of $44.05. Enbridge Inc has a fifty-two week low of $34.61 and a fifty-two week high of $47.44.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, May 9th. The pipeline company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The company had revenue of $7.27 billion during the quarter, compared to analysts’ expectations of $10.20 billion. Enbridge had a net margin of 10.16% and a return on equity of 10.41%. During the same period last year, the business earned $0.92 EPS. As a group, equities analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Thursday, May 15th were paid a dividend of $0.679 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.72 annualized dividend and a dividend yield of 6.08%. The ex-dividend date was Thursday, May 15th. Enbridge’s payout ratio is presently 139.69%.

Analysts Set New Price Targets

ENB has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Enbridge in a research report on Monday, May 12th. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Monday, May 12th. Raymond James Financial upgraded shares of Enbridge to a “moderate buy” rating in a report on Wednesday, April 23rd. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a report on Monday, May 12th. Finally, Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Six 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.com, the stock has an average rating of “Hold” and an average target price of $67.00.

Enbridge 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.