Meridian Wealth Management LLC Sells 1,083 Shares of Enbridge Inc. (NYSE:ENB)

Meridian Wealth Management LLC cut its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 9.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,895 shares of the pipeline company’s stock after selling 1,083 shares during the period. Meridian Wealth Management LLC’s holdings in Enbridge were worth $443,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ENB. Pathway Financial Advisers LLC increased its holdings in shares of Enbridge by 4,120.0% during the third quarter. Pathway Financial Advisers LLC now owns 4,571,669 shares of the pipeline company’s stock worth $185,655,000 after buying an additional 4,463,335 shares in the last quarter. Cibc World Market Inc. grew its stake in shares of Enbridge by 12.8% in the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after buying an additional 3,693,495 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Enbridge by 27.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after buying an additional 2,668,692 shares during the period. Kayne Anderson Capital Advisors LP grew its stake in shares of Enbridge by 55.2% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company’s stock valued at $168,258,000 after buying an additional 1,472,789 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in Enbridge by 4.0% during the 3rd quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after purchasing an additional 936,863 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Down 0.5 %

Shares of ENB stock opened at $43.26 on Monday. The company’s fifty day simple moving average is $41.40 and its two-hundred day simple moving average is $38.69. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $43.70. The stock has a market capitalization of $94.22 billion, a price-to-earnings ratio of 20.03, a PEG ratio of 4.23 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results 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 firm had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same period in the previous year, the business earned $0.46 EPS. As a group, analysts anticipate that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a yield of 6.25%. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s dividend payout ratio is presently 121.76%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ENB shares. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, Morgan Stanley assumed coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock.

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.