Spirit of America Management Corp NY Sells 13,100 Shares of Enbridge Inc $ENB

Spirit of America Management Corp NY reduced its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 140,027 shares of the pipeline company’s stock after selling 13,100 shares during the period. Enbridge makes up about 1.4% of Spirit of America Management Corp NY’s portfolio, making the stock its 13th biggest holding. Spirit of America Management Corp NY’s holdings in Enbridge were worth $6,697,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ENB. Tsfg LLC lifted its holdings in shares of Enbridge by 329.6% during the third quarter. Tsfg LLC now owns 494 shares of the pipeline company’s stock worth $25,000 after buying an additional 379 shares in the last quarter. Triumph Capital Management bought a new stake in shares of Enbridge in the third quarter valued at about $26,000. Highline Wealth Partners LLC grew its stake in shares of Enbridge by 73.1% in the third quarter. Highline Wealth Partners LLC now owns 559 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 236 shares in the last quarter. Turning Point Benefit Group Inc. acquired a new position in shares of Enbridge in the third quarter valued at about $28,000. Finally, True Wealth Design LLC increased its position in Enbridge by 588.2% during the third quarter. True Wealth Design LLC now owns 585 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 500 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ENB has been the subject of several analyst reports. JPMorgan Chase & Co. cut shares of Enbridge from an “overweight” rating to a “neutral” rating in a research note on Tuesday, January 27th. Weiss Ratings upgraded shares of Enbridge from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, February 9th. Zacks Research raised shares of Enbridge from a “strong sell” rating to a “hold” rating in a report on Monday, December 29th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research note on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $65.00.

Enbridge Stock Down 0.5%

ENB stock opened at $54.30 on Tuesday. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $55.44. The business has a 50-day simple moving average of $51.94 and a 200 day simple moving average of $49.27. The company has a quick ratio of 0.55, a current ratio of 0.63 and a debt-to-equity ratio of 1.70. The company has a market cap of $118.49 billion, a PE ratio of 23.61 and a beta of 0.67.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.03. Enbridge had a net margin of 11.30% and a return on equity of 11.19%. The firm had revenue of $17.18 billion for the quarter, compared to the consensus estimate of $9.10 billion. During the same period in the prior year, the company posted $0.75 earnings per share. Sell-side analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.