TrueMark Investments LLC Cuts Holdings in Enbridge Inc $ENB

TrueMark Investments LLC reduced its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 33.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 137,405 shares of the pipeline company’s stock after selling 69,259 shares during the quarter. Enbridge comprises 1.4% of TrueMark Investments LLC’s investment portfolio, making the stock its 28th biggest holding. TrueMark Investments LLC’s holdings in Enbridge were worth $7,439,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in Enbridge during the fourth quarter worth $1,195,559,000. Auto Owners Insurance Co lifted its holdings in Enbridge by 4,683.0% in the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock valued at $40,975,000 after acquiring an additional 8,387,721 shares during the period. Bank of Nova Scotia lifted its holdings in Enbridge by 118.0% in the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock valued at $480,518,000 after acquiring an additional 5,157,030 shares during the period. Alberta Investment Management Corp purchased a new stake in shares of Enbridge during the 4th quarter worth $132,705,000. Finally, Vanguard Group Inc. boosted its position in shares of Enbridge by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after purchasing an additional 2,067,516 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.7%

ENB opened at $55.33 on Thursday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The company has a market cap of $120.81 billion, a price-to-earnings ratio of 25.97 and a beta of 0.58. Enbridge Inc has a one year low of $43.59 and a one year high of $58.45. The business’s fifty day moving average is $54.99 and its two-hundred day moving average is $52.07.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to analysts’ expectations of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter last year, the business posted $1.03 earnings per share. Analysts anticipate that Enbridge Inc will post 2.18 EPS for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.0%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s dividend payout ratio is presently 133.80%.

Analysts Set New Price Targets

ENB has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Royal Bank Of Canada raised their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Scotiabank reissued an “outperform” rating on shares of Enbridge in a report on Monday, May 11th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Finally, Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a report on Saturday, June 13th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Enbridge presently has an average rating of “Moderate Buy” and an average target price of $66.50.

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.