Enbridge Inc $ENB Shares Sold by Townsquare Capital LLC

Townsquare Capital LLC lessened its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 42.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,683 shares of the pipeline company’s stock after selling 10,267 shares during the period. Townsquare Capital LLC’s holdings in Enbridge were worth $690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in ENB. Norges Bank purchased a new stake in Enbridge in the second quarter valued at approximately $1,113,368,000. Canada Pension Plan Investment Board lifted its position in Enbridge by 38.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 13,213,321 shares of the pipeline company’s stock worth $599,556,000 after acquiring an additional 3,687,334 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Enbridge by 3.5% during the second quarter. Vanguard Group Inc. now owns 96,404,986 shares of the pipeline company’s stock worth $4,371,580,000 after purchasing an additional 3,217,961 shares during the period. Geode Capital Management LLC increased its stake in Enbridge by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 17,785,430 shares of the pipeline company’s stock valued at $818,620,000 after buying an additional 2,989,992 shares during the period. Finally, Picton Mahoney Asset Management acquired a new position in Enbridge in the 2nd quarter valued at $132,105,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

ENB opened at $48.81 on Friday. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $50.54. The stock has a market cap of $106.49 billion, a P/E ratio of 26.82 and a beta of 0.68. The stock’s 50 day simple moving average is $47.42 and its 200 day simple moving average is $47.56. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.80 and a quick ratio of 0.68.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). Enbridge had a return on equity of 10.51% and a net margin of 9.20%.The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the previous year, the firm posted $0.55 earnings per share. As a group, equities analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.9%. The ex-dividend date of this dividend is Tuesday, February 17th. This is a positive change from Enbridge’s previous quarterly dividend of $0.94. Enbridge’s dividend payout ratio is currently 147.80%.

Analyst Ratings Changes

A number of brokerages have commented on ENB. Royal Bank Of Canada upped their price objective on shares of Enbridge from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Zacks Research raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Cibc World Mkts lowered Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research report on Monday, November 10th. Finally, CIBC cut Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Five equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.00.

About Enbridge

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.