Enbridge Inc (ENB) Stake Lowered by Davis Rea Ltd.

Davis Rea Ltd. decreased its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,843 shares of the pipeline company’s stock after selling 1,501 shares during the period. Enbridge makes up 4.0% of Davis Rea Ltd.’s investment portfolio, making the stock its 10th largest position. Davis Rea Ltd.’s holdings in Enbridge were worth $6,281,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ENB. Bank of America Corp DE boosted its stake in shares of Enbridge by 1,072.3% in the first quarter. Bank of America Corp DE now owns 30,748,683 shares of the pipeline company’s stock worth $1,286,524,000 after buying an additional 28,125,698 shares during the period. Vanguard Group Inc. boosted its stake in shares of Enbridge by 82.9% in the first quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock worth $1,631,051,000 after buying an additional 17,671,076 shares during the period. Bank of Montreal Can boosted its stake in shares of Enbridge by 72.4% in the first quarter. Bank of Montreal Can now owns 38,965,561 shares of the pipeline company’s stock worth $1,630,318,000 after buying an additional 16,369,985 shares during the period. State Street Corp bought a new stake in shares of Enbridge during the first quarter worth $478,509,000. Finally, TD Asset Management Inc. boosted its stake in shares of Enbridge by 28.2% in the first quarter. TD Asset Management Inc. now owns 41,491,668 shares of the pipeline company’s stock worth $1,733,219,000 after buying an additional 9,123,400 shares during the period. Hedge funds and other institutional investors own 63.83% of the company’s stock.

Shares of Enbridge Inc (NYSE:ENB) opened at 40.61 on Thursday. The stock has a market capitalization of $66.84 billion, a PE ratio of 32.88 and a beta of 0.62. The firm has a 50-day moving average price of $40.60 and a 200-day moving average price of $41.01. Enbridge Inc has a 1-year low of $37.37 and a 1-year high of $45.77.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.05. The business had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. During the same period in the prior year, the company posted $0.50 earnings per share. On average, equities research analysts forecast that Enbridge Inc will post $1.64 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be issued a $0.489 dividend. This is an increase from Enbridge’s previous quarterly dividend of $0.33. This represents a $1.96 annualized dividend and a dividend yield of 4.82%. The ex-dividend date is Friday, August 11th. Enbridge’s payout ratio is presently 173.79%.

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A number of equities research analysts recently weighed in on ENB shares. Zacks Investment Research cut Enbridge from a “hold” rating to a “strong sell” rating in a research note on Monday, April 24th. J P Morgan Chase & Co restated a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Morgan Stanley started coverage on Enbridge in a research note on Tuesday, May 2nd. They set an “equal weight” rating and a $45.00 price objective for the company. BidaskClub upgraded Enbridge from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Wolfe Research started coverage on Enbridge in a research note on Friday, May 12th. They issued a “market perform” rating and a $43.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $54.00.

About Enbridge

Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.

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