Spirit of America Management Corp NY Sells 2,000 Shares of Enbridge Inc. (NYSE:ENB)

Spirit of America Management Corp NY lessened its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,627 shares of the pipeline company’s stock after selling 2,000 shares during the quarter. Enbridge accounts for about 1.7% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 12th largest position. Spirit of America Management Corp NY’s holdings in Enbridge were worth $8,597,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Swiss National Bank raised its position in Enbridge by 3.2% in the 3rd quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock valued at $267,935,000 after purchasing an additional 207,200 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Enbridge by 70.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company’s stock valued at $52,648,000 after purchasing an additional 536,818 shares during the last quarter. Duff & Phelps Investment Management Co. raised its position in Enbridge by 32.6% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 1,302,132 shares of the pipeline company’s stock valued at $52,880,000 after purchasing an additional 319,907 shares during the last quarter. Sound Income Strategies LLC raised its position in Enbridge by 8.6% in the 4th quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock valued at $26,808,000 after purchasing an additional 49,800 shares during the last quarter. Finally, Pinnacle Financial Partners Inc raised its position in Enbridge by 8.8% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock valued at $7,650,000 after purchasing an additional 15,207 shares during the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 1.9 %

NYSE ENB opened at $43.73 on Wednesday. The stock has a fifty day moving average of $43.11 and a 200-day moving average of $41.27. The stock has a market capitalization of $95.25 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 4.02 and a beta of 0.94. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $45.78. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be paid a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.13%. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ENB. TD Securities began coverage on Enbridge in a research report on Wednesday, January 15th. They issued a “buy” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $63.00 price objective (up previously from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley assumed coverage on Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $63.00.

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.