Fulton Bank N.A. Has $2.75 Million Position in Enbridge Inc. (NYSE:ENB)

Fulton Bank N.A. trimmed its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.6% in the fourth quarter, HoldingsChannel reports. The firm owned 64,713 shares of the pipeline company’s stock after selling 1,054 shares during the period. Fulton Bank N.A.’s holdings in Enbridge were worth $2,746,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Legend Financial Advisors Inc. acquired a new stake in shares of Enbridge in the 4th quarter valued at about $42,000. Canandaigua National Bank & Trust Co. boosted its holdings in Enbridge by 1.3% in the fourth quarter. Canandaigua National Bank & Trust Co. now owns 23,472 shares of the pipeline company’s stock worth $996,000 after acquiring an additional 306 shares in the last quarter. Bard Financial Services Inc. grew its stake in Enbridge by 0.6% in the fourth quarter. Bard Financial Services Inc. now owns 124,290 shares of the pipeline company’s stock valued at $5,273,000 after acquiring an additional 700 shares during the period. CWA Asset Management Group LLC increased its holdings in shares of Enbridge by 7.3% during the fourth quarter. CWA Asset Management Group LLC now owns 29,183 shares of the pipeline company’s stock valued at $1,238,000 after acquiring an additional 1,993 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Enbridge by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after purchasing an additional 176,733 shares during the period. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Shares of ENB traded up $0.23 during trading hours on Wednesday, hitting $43.87. The company’s stock had a trading volume of 1,350,115 shares, compared to its average volume of 2,494,070. The company has a market cap of $95.56 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 4.14 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The business has a 50 day simple moving average of $42.30 and a two-hundred day simple moving average of $40.12. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $44.13.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 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 business had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter last year, the company earned $0.46 EPS. On average, equities analysts expect that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.11%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is 124.07%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley started coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently 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.