Enbridge Inc $ENB Shares Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. reduced its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.8% in the 2nd quarter, Holdings Channel reports. The fund owned 542,465 shares of the pipeline company’s stock after selling 27,100 shares during the period. Hennessy Advisors Inc.’s holdings in Enbridge were worth $24,585,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ENB. Dagco Inc. purchased a new stake in Enbridge in the 1st quarter worth approximately $25,000. Garde Capital Inc. purchased a new stake in Enbridge in the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Enbridge in the 1st quarter worth approximately $28,000. Accent Capital Management LLC purchased a new stake in Enbridge in the 1st quarter worth approximately $30,000. Finally, Wolff Wiese Magana LLC grew its stake 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 during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Up 0.8%

Shares of Enbridge stock opened at $50.11 on Friday. The company has a fifty day moving average price of $48.06 and a 200 day moving average price of $46.09. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The stock has a market cap of $109.27 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 4.55 and a beta of 0.78.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The firm had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $10.56 billion. During the same period in the prior year, the company earned $0.58 EPS. Equities research analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.6839 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a yield of 5.5%. Enbridge’s dividend payout ratio is currently 134.98%.

Analysts Set New Price Targets

Several analysts have commented on ENB shares. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, August 12th. Zacks Research cut shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Saturday, September 27th. Seven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.50.

About Enbridge

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.