Hartford Financial Management Inc. cut its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,315 shares of the pipeline company’s stock after selling 892 shares during the period. Hartford Financial Management Inc.’s holdings in Enbridge were worth $2,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in ENB. Salient Capital Advisors LLC increased its stake in shares of Enbridge by 152.6% in the first quarter. Salient Capital Advisors LLC now owns 10,377,798 shares of the pipeline company’s stock worth $369,715,000 after purchasing an additional 6,269,108 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in Enbridge during the first quarter valued at $225,056,000. Toronto Dominion Bank lifted its position in Enbridge by 48.1% during the first quarter. Toronto Dominion Bank now owns 12,809,209 shares of the pipeline company’s stock valued at $463,864,000 after purchasing an additional 4,162,457 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Enbridge during the first quarter valued at $70,385,000. Finally, GQG Partners LLC bought a new position in Enbridge during the first quarter valued at $63,341,000. 55.45% of the stock is owned by hedge funds and other institutional investors.
NYSE ENB opened at $34.37 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.63 and a debt-to-equity ratio of 0.92. The stock has a market cap of $69.28 billion, a P/E ratio of 16.77, a price-to-earnings-growth ratio of 2.65 and a beta of 0.59. The firm’s 50-day simple moving average is $35.05. Enbridge Inc has a one year low of $28.82 and a one year high of $38.04.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be given a dividend of $0.559 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, August 14th. This represents a $2.24 dividend on an annualized basis and a yield of 6.51%. Enbridge’s dividend payout ratio (DPR) is 106.83%.
In other Enbridge news, insider Albert Monaco bought 7,848 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were acquired at an average price of $49.81 per share, with a total value of $390,908.88. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.42% of the company’s stock.
Several equities analysts have commented on ENB shares. Goldman Sachs Group started coverage on shares of Enbridge in a research report on Thursday, July 18th. They set a “neutral” rating for the company. Credit Suisse Group lowered shares of Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, April 25th. Bank of America lowered shares of Enbridge from a “buy” rating to a “neutral” rating and set a $49.00 target price for the company. in a report on Tuesday, July 2nd. ValuEngine lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, Wolfe Research lowered shares of Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 target price for the company. in a report on Thursday, June 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Enbridge currently has a consensus rating of “Hold” and an average target price of $43.75.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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