Toronto Dominion Bank Sells 1,262,786 Shares of Enbridge Inc. (NYSE:ENB)

Toronto Dominion Bank trimmed its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,440,637 shares of the pipeline company’s stock after selling 1,262,786 shares during the quarter. Enbridge accounts for about 1.2% of Toronto Dominion Bank’s holdings, making the stock its 15th largest position. Toronto Dominion Bank owned about 0.80% of Enbridge worth $708,264,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. TruNorth Capital Management LLC purchased a new stake in shares of Enbridge in the second quarter worth $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the second quarter worth about $28,000. Grove Bank & Trust increased its position in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. MFA Wealth Advisors LLC raised its stake in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new stake in Enbridge during the third quarter valued at approximately $35,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.1 %

NYSE:ENB opened at $42.32 on Wednesday. The company has a fifty day moving average of $41.92 and a 200 day moving average of $39.17. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $44.13. The firm has a market capitalization of $92.16 billion, a P/E ratio of 19.59, a P/E/G ratio of 4.26 and a beta of 0.94. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The company had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. During the same period last year, the firm earned $0.46 earnings per share. On average, research analysts predict that Enbridge Inc. will post 2.03 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 6.33%. Enbridge’s dividend payout ratio is 121.76%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price objective (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Finally, Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating on the stock. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Enbridge has a consensus rating of “Hold” and a consensus target price of $63.00.

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.