Eagle Global Advisors LLC decreased its position in Enbridge Energy, L.P. (NYSE:EEP) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,341,420 shares of the pipeline company’s stock after selling 4,501 shares during the period. Eagle Global Advisors LLC owned approximately 0.38% of Enbridge Energy, L.P. worth $21,463,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Comerica Bank raised 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 worth $243,000 after buying an additional 748 shares in the last quarter. Whittier Trust Co. raised 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. acquired a new position in Enbridge Energy, L.P. during the first quarter valued at approximately $243,000. Investment Centers of America Inc. raised its position 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 period. Finally, Stratos Wealth Partners LTD. raised its position 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 period. 55.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of Enbridge Energy, L.P. (NYSE EEP) opened at 14.43 on Friday. Enbridge Energy, L.P. has a 52 week low of $14.28 and a 52 week high of $26.36. The firm’s market cap is $6.06 billion. The stock’s 50 day moving average is $15.62 and its 200 day moving average is $17.17.
Enbridge Energy, L.P. (NYSE:EEP) last posted its 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 firm had revenue of $596.50 million for the quarter, compared to analyst estimates of $601.82 million. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 6.68%. The company’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.22 earnings per share. On average, equities research analysts predict that Enbridge Energy, L.P. will post $0.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 9.70%. The ex-dividend date of this dividend was Thursday, August 3rd. Enbridge Energy, L.P.’s payout ratio is -160.92%.
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Several research firms recently commented on EEP. Zacks Investment Research lowered Enbridge Energy, L.P. from a “hold” rating to a “sell” rating in a report on Thursday. BidaskClub lowered Enbridge Energy, L.P. from a “sell” rating to a “strong sell” rating in a report on Thursday, August 3rd. J P Morgan Chase & Co reissued a “neutral” rating and issued a $17.00 target price on shares of Enbridge Energy, L.P. in a report on Friday, June 23rd. Morgan Stanley lowered Enbridge Energy, L.P. from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $20.00 to $19.00 in a report on Thursday, June 15th. Finally, Mizuho reissued a “neutral” rating and issued a $19.00 target price (down previously from $22.00) on shares of Enbridge Energy, L.P. in a report on Wednesday, May 17th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.45.
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.
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