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

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

Several other large investors have also bought and sold shares of the company. Whittier Trust Co. increased its stake 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 last quarter. Comerica Bank increased its stake 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 last quarter. South Texas Money Management Ltd. acquired a new stake in Enbridge Energy, L.P. during the first quarter valued at approximately $243,000. Investment Centers of America Inc. increased its stake in 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 valued at $301,000 after buying an additional 316 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in Enbridge Energy, L.P. by 5.7% in the first quarter. Stratos Wealth Partners LTD. now owns 18,601 shares of the pipeline company’s stock valued at $353,000 after buying an additional 995 shares during the last quarter. 54.53% of the stock is owned by institutional investors.

Enbridge Energy, L.P. (NYSE:EEP) opened at 15.15 on Friday. Enbridge Energy, L.P. has a 1-year low of $14.68 and a 1-year high of $26.36. The firm has a 50-day moving average of $15.91 and a 200-day moving average of $17.91. The stock’s market capitalization is $5.36 billion.

Enbridge Energy, L.P. (NYSE:EEP) last announced its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $596.50 million for the quarter, compared to analysts’ expectations of $601.82 million. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 7.68%. The business’s revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 EPS. Equities analysts expect that Enbridge Energy, L.P. will post $0.80 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 9.24%. The ex-dividend date is Thursday, August 3rd. Enbridge Energy, L.P.’s payout ratio is presently -160.92%.

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Several equities research analysts have recently commented on the stock. Mizuho reissued a “neutral” rating and set a $19.00 target price (down from $22.00) on shares of Enbridge Energy, L.P. in a research report on Wednesday, May 17th. Zacks Investment Research upgraded shares of Enbridge Energy, L.P. from a “strong sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Royal Bank Of Canada restated a “hold” rating and set a $21.00 price target on shares of Enbridge Energy, L.P. in a report on Tuesday, June 6th. BidaskClub cut shares of Enbridge Energy, L.P. from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Wolfe Research assumed coverage on shares of Enbridge Energy, L.P. in a report on Friday, May 12th. They set a “market perform” rating and a $19.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $21.45.

About Enbridge Energy, L.P.

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.