Beacon Pointe Advisors LLC Lowers Holdings in Enbridge Inc. (NYSE:ENB)

Beacon Pointe Advisors LLC lowered its position in shares of Enbridge Inc. (NYSE:ENBGet Rating) (TSE:ENB) by 75.0% in the second quarter, Holdings Channel reports. The institutional investor owned 42,214 shares of the pipeline company’s stock after selling 126,973 shares during the period. Beacon Pointe Advisors LLC’s holdings in Enbridge were worth $1,784,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ENB. Financial Connections Group Inc. boosted its stake in shares of Enbridge by 136.4% in the second quarter. Financial Connections Group Inc. now owns 624 shares of the pipeline company’s stock valued at $26,000 after buying an additional 360 shares in the last quarter. Hallmark Capital Management Inc. acquired a new stake in shares of Enbridge in the second quarter valued at about $32,000. Tcwp LLC purchased a new stake in Enbridge during the first quarter worth about $37,000. Meeder Asset Management Inc. purchased a new position in Enbridge in the first quarter valued at about $41,000. Finally, Core Alternative Capital acquired a new stake in shares of Enbridge during the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds own 49.26% of the company’s stock.

Enbridge Trading Up 1.1 %

Shares of ENB opened at $41.45 on Thursday. Enbridge Inc. has a fifty-two week low of $35.02 and a fifty-two week high of $47.67. The company has a market capitalization of $83.93 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 3.21 and a beta of 0.80. The stock has a fifty day moving average of $38.91 and a two-hundred day moving average of $41.78. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.47 and a current ratio of 0.60.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ENB. Morgan Stanley dropped their price objective on Enbridge from C$67.00 to C$64.00 in a research note on Wednesday, October 19th. Raymond James raised shares of Enbridge from a “market perform” rating to an “outperform” rating in a research note on Monday, September 12th. National Bank Financial downgraded shares of Enbridge from an “outperform” rating to a “sector perform” rating in a report on Monday, November 7th. Scotiabank reduced their price target on shares of Enbridge from C$62.00 to C$56.00 in a report on Thursday, October 20th. Finally, Industrial Alliance Securities raised shares of Enbridge from a “hold” rating to a “buy” rating and set a C$60.00 price objective for the company in a research note on Wednesday, August 3rd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.22.

Enbridge Company Profile

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Enbridge Inc 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.

See Also

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Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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