1ST Source Bank lowered its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 3.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,170 shares of the pipeline company’s stock after selling 1,694 shares during the period. 1ST Source Bank’s holdings in Enbridge were worth $1,917,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in 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 last quarter. Vanguard Group Inc. increased its stake in 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 last quarter. Bank of Montreal Can increased 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 valued at $1,630,318,000 after buying an additional 16,369,985 shares in the last quarter. State Street Corp bought a new stake in shares of Enbridge during the first quarter valued at about $478,509,000. Finally, TD Asset Management Inc. increased 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 valued at $1,733,219,000 after buying an additional 9,123,400 shares in the last quarter. Institutional investors and hedge funds own 63.37% of the company’s stock.
Enbridge Inc (NYSE:ENB) opened at 39.42 on Friday. The stock’s 50 day moving average is $40.59 and its 200 day moving average is $40.82. The company has a market cap of $64.88 billion, a PE ratio of 31.92 and a beta of 0.62. Enbridge Inc has a 12 month low of $37.37 and a 12 month high of $45.77.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be paid a $0.489 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.96 dividend on an annualized basis and a yield of 4.96%. This is a boost from Enbridge’s previous quarterly dividend of $0.33. Enbridge’s payout ratio is presently 190.29%.
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Several analysts recently issued reports on the company. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “strong sell” rating in a report on Monday, April 24th. Morgan Stanley assumed coverage on Enbridge in a report on Tuesday, May 2nd. They issued an “equal weight” rating and a $45.00 price target for the company. Wolfe Research assumed coverage on Enbridge in a report on Friday, May 12th. They issued a “market perform” rating and a $43.00 price target for the company. BidaskClub downgraded Enbridge from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating on shares of Enbridge in a report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $54.00.
Enbridge Company Profile
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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