Norway Savings Bank Lowers Stock Holdings in Enbridge Inc. (NYSE:ENB)

Norway Savings Bank lessened its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 17.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,187 shares of the pipeline company’s stock after selling 1,300 shares during the quarter. Norway Savings Bank’s holdings in Enbridge were worth $263,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ENB. McIlrath & Eck LLC lifted its position in Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 295 shares during the period. Grove Bank & Trust boosted its stake in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares in the last quarter. MFA Wealth Advisors LLC grew its holdings in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 280 shares during the period. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the second quarter worth $28,000. Finally, Fortitude Family Office LLC purchased a new stake in shares of Enbridge during the 3rd quarter worth $35,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ENB has been the subject of several recent analyst reports. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Morgan Stanley initiated coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 target price (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, Enbridge currently has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Price Performance

Shares of NYSE ENB traded up $0.70 during trading on Tuesday, reaching $43.69. The company had a trading volume of 1,617,188 shares, compared to its average volume of 2,521,300. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $44.13. The stock has a market capitalization of $95.17 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 4.14 and a beta of 0.93. The stock has a 50-day moving average price of $42.24 and a two-hundred day moving average price of $40.06. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The company had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the prior year, the company posted $0.46 EPS. As a group, sell-side analysts predict that Enbridge Inc. will post 2.03 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued a dividend of $0.67 per share. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 6.13%. Enbridge’s payout ratio is 124.07%.

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.