Cadence Capital Management LLC reduced its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.8% in the 3rd quarter, Holdings Channel reports. The firm owned 352,112 shares of the pipeline company’s stock after selling 2,678 shares during the quarter. Enbridge accounts for 2.5% of Cadence Capital Management LLC’s investment portfolio, making the stock its 7th largest holding. Cadence Capital Management LLC’s holdings in Enbridge were worth $10,282,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. MV Capital Management Inc. acquired a new stake in Enbridge during the 2nd quarter worth about $26,000. Keebeck Wealth Management LLC acquired a new stake in shares of Enbridge in the 2nd quarter valued at about $28,000. Rockbridge Investment Management LCC acquired a new stake in shares of Enbridge in the 2nd quarter valued at about $31,000. TCI Wealth Advisors Inc. grew its stake in shares of Enbridge by 116.1% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 1,031 shares of the pipeline company’s stock valued at $31,000 after buying an additional 554 shares during the period. Finally, AlphaMark Advisors LLC grew its stake in shares of Enbridge by 1,492.5% in the 2nd quarter. AlphaMark Advisors LLC now owns 1,067 shares of the pipeline company’s stock valued at $32,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 52.27% of the company’s stock.
Shares of Enbridge stock traded up $0.18 during mid-day trading on Friday, hitting $29.45. 5,088,017 shares of the stock were exchanged, compared to its average volume of 4,176,883. Enbridge Inc has a 12 month low of $22.57 and a 12 month high of $43.15. The company has a 50-day simple moving average of $30.56 and a 200 day simple moving average of $30.90. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.52 and a current ratio of 0.61. The company has a market capitalization of $59.64 billion, a P/E ratio of 42.07, a P/E/G ratio of 1.54 and a beta of 0.83.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Wednesday, July 29th. The pipeline company reported $0.56 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.15. Enbridge had a net margin of 5.17% and a return on equity of 8.61%. The firm had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $8.54 billion. During the same quarter last year, the firm earned $0.67 EPS. Analysts predict that Enbridge Inc will post 2.05 EPS for the current year.
Several brokerages have recently commented on ENB. Citigroup upgraded Enbridge from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Thursday, August 13th. Wells Fargo & Company downgraded Enbridge from an “overweight” rating to an “equal weight” rating and set a $51.00 target price for the company. in a research note on Wednesday, July 22nd. Raymond James restated a “buy” rating and issued a $55.00 target price on shares of Enbridge in a research note on Thursday, July 30th. Credit Suisse Group restated a “hold” rating and issued a $48.00 target price on shares of Enbridge in a research note on Friday, June 26th. Finally, Morgan Stanley upgraded Enbridge from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $49.00 to $54.00 in a research note on Wednesday, July 15th. Two analysts have rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $51.50.
Enbridge Company Profile
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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