Exchange Traded Concepts LLC Sells 70,678 Shares of Enbridge Inc. (NYSE:ENB)

Exchange Traded Concepts LLC lessened its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,097,681 shares of the pipeline company’s stock after selling 70,678 shares during the quarter. Enbridge comprises 1.0% of Exchange Traded Concepts LLC’s portfolio, making the stock its 16th biggest holding. Exchange Traded Concepts LLC’s holdings in Enbridge were worth $44,577,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sei Investments Co. raised its stake in Enbridge by 6.1% during the 1st quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock valued at $9,922,000 after purchasing an additional 15,650 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in Enbridge during the 1st quarter valued at approximately $1,133,000. Vanguard Group Inc. grew its holdings in Enbridge by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after buying an additional 1,227,031 shares in the last quarter. Intech Investment Management LLC purchased a new position in Enbridge during the 1st quarter valued at approximately $4,069,000. Finally, US Bancorp DE grew its holdings in Enbridge by 21.2% during the 1st quarter. US Bancorp DE now owns 461,607 shares of the pipeline company’s stock valued at $16,701,000 after buying an additional 80,711 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.50.

Enbridge Price Performance

Shares of ENB stock opened at $41.07 on Friday. Enbridge Inc. has a 52-week low of $31.31 and a 52-week high of $41.35. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market capitalization of $87.64 billion, a P/E ratio of 20.85, a P/E/G ratio of 3.94 and a beta of 0.93. The stock has a 50 day moving average price of $40.05 and a 200 day moving average price of $37.34.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the company earned $0.51 EPS. As a group, sell-side analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.52%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

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.