Northwestern Mutual Wealth Management Co. reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 42,128 shares of the pipeline company’s stock after selling 3,770 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Enbridge were worth $1,677,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Personal Financial Services purchased a new stake in shares of Enbridge during the first quarter valued at $102,000. Monroe Bank & Trust MI purchased a new stake in shares of Enbridge during the first quarter valued at $105,000. Kistler Tiffany Companies LLC purchased a new stake in shares of Enbridge during the first quarter valued at $109,000. NEXT Financial Group Inc boosted its position in shares of Enbridge by 17.7% during the second quarter. NEXT Financial Group Inc now owns 2,731 shares of the pipeline company’s stock valued at $109,000 after buying an additional 411 shares during the last quarter. Finally, Welch Group LLC purchased a new stake in shares of Enbridge during the second quarter valued at $121,000. 61.61% of the stock is currently owned by hedge funds and other institutional investors.
Enbridge Inc (NYSE ENB) opened at 40.64 on Tuesday. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.09. The firm has a 50-day moving average price of $40.52 and a 200-day moving average price of $40.53. The company has a market cap of $66.89 billion, a P/E ratio of 33.28 and a beta of 0.63.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.05. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.81 billion. Enbridge had a net margin of 5.28% and a return on equity of 6.04%. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, analysts forecast that Enbridge Inc will post $1.69 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.489 per share. This represents a $1.96 annualized dividend and a yield of 4.79%. The ex-dividend date was Friday, August 11th. This is an increase from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is presently 190.29%.
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Several equities research analysts recently commented on the company. BidaskClub cut Enbridge from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $44.00 price objective (down from $45.00) on shares of Enbridge in a research report on Friday, July 14th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Finally, Zacks Investment Research cut Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $54.67.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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