Spirit of America Management Corp NY Holds Position in Enbridge Energy, L.P. (NYSE:EEP)

Spirit of America Management Corp NY held its position in Enbridge Energy, L.P. (NYSE:EEP) during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 179,592 shares of the pipeline company’s stock at the end of the second quarter. Spirit of America Management Corp NY owned about 0.05% of Enbridge Energy, L.P. worth $2,873,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank increased its position in Enbridge Energy, L.P. by 8.6% in the fourth quarter. Comerica Bank now owns 9,480 shares of the pipeline company’s stock valued at $243,000 after buying an additional 748 shares during the period. Whittier Trust Co. increased its position in Enbridge Energy, L.P. by 16.0% in the first quarter. Whittier Trust Co. now owns 10,140 shares of the pipeline company’s stock valued at $193,000 after buying an additional 1,400 shares during the period. South Texas Money Management Ltd. bought a new position in shares of Enbridge Energy, L.P. during the first quarter worth approximately $243,000. Investment Centers of America Inc. increased its position in shares of Enbridge Energy, L.P. by 2.0% in the first quarter. Investment Centers of America Inc. now owns 15,813 shares of the pipeline company’s stock worth $301,000 after buying an additional 316 shares during the last quarter. Finally, Searle & CO. bought a new position in shares of Enbridge Energy, L.P. during the fourth quarter worth approximately $440,000. 55.06% of the stock is currently owned by institutional investors and hedge funds.

Shares of Enbridge Energy, L.P. (NYSE EEP) traded up 0.06% during trading on Friday, reaching $15.94. 555,750 shares of the company were exchanged. Enbridge Energy, L.P. has a one year low of $14.68 and a one year high of $26.37. The stock’s market capitalization is $5.64 billion. The company has a 50 day moving average price of $15.95 and a 200-day moving average price of $18.17.

Enbridge Energy, L.P. (NYSE:EEP) last released its quarterly earnings results on Wednesday, May 10th. The pipeline company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.09. Enbridge Energy, L.P. had a positive return on equity of 9.17% and a negative net margin of 3.85%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.04 billion. The company’s revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 EPS. Equities analysts predict that Enbridge Energy, L.P. will post $0.73 EPS for the current year.

The company also recently disclosed a dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, August 3rd. Enbridge Energy, L.P.’s dividend payout ratio (DPR) is presently -140.00%.

EEP has been the topic of a number of research analyst reports. BidaskClub raised shares of Enbridge Energy, L.P. from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Morgan Stanley downgraded shares of Enbridge Energy, L.P. from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $20.00 to $19.00 in a research report on Thursday, June 15th. Zacks Investment Research cut shares of Enbridge Energy, L.P. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 25th. Wells Fargo & Company initiated coverage on shares of Enbridge Energy, L.P. in a research note on Friday, March 31st. They issued a “market perform” rating for the company. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and issued a $17.00 target price on shares of Enbridge Energy, L.P. in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the stock. Enbridge Energy, L.P. presently has an average rating of “Hold” and a consensus target price of $21.83.

Enbridge Energy, L.P. Company Profile

Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.