CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Trims Position in Enbridge Inc (NYSE:ENB)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its holdings in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 301,500 shares of the pipeline company’s stock after selling 5,175 shares during the period. Enbridge accounts for about 0.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 23rd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $13,359,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Garde Capital Inc. acquired a new stake in Enbridge in the 1st quarter worth approximately $26,000. Wintrust Investments LLC increased its holdings in Enbridge by 47.8% in the 4th quarter. Wintrust Investments LLC now owns 736 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 238 shares in the last quarter. GeoWealth Management LLC increased its holdings in Enbridge by 436.4% in the 4th quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 611 shares in the last quarter. Wolff Wiese Magana LLC increased its holdings in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 365 shares in the last quarter. Finally, Capital A Wealth Management LLC purchased a new stake in Enbridge in the 4th quarter worth $39,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on ENB shares. Raymond James Financial raised shares of Enbridge to a “moderate buy” rating in a report on Wednesday, April 23rd. Citigroup started coverage on shares of Enbridge in a report on Friday, April 4th. They set a “buy” rating for the company. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a report on Monday, May 12th. CIBC reaffirmed an “outperform” rating on shares of Enbridge in a report on Wednesday, March 5th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $67.00 target price on shares of Enbridge in a report on Monday, May 12th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Enbridge presently has an average rating of “Hold” and a consensus target price of $67.00.

Enbridge Stock Down 0.7%

Shares of NYSE:ENB opened at $44.75 on Friday. The firm’s 50-day moving average is $45.82 and its two-hundred day moving average is $44.11. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66. Enbridge Inc has a 1 year low of $35.10 and a 1 year high of $47.44. The firm has a market capitalization of $97.58 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 4.25 and a beta of 0.81.

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

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Thursday, May 15th were paid a $0.679 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.72 annualized dividend and a yield of 6.07%. The ex-dividend date was Thursday, May 15th. Enbridge’s dividend payout ratio is currently 140.21%.

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.