Enbridge Inc (NYSE:ENB) Shares Sold by Montecito Bank & Trust

Montecito Bank & Trust decreased its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 15.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,032 shares of the pipeline company’s stock after selling 2,599 shares during the period. Montecito Bank & Trust’s holdings in Enbridge were worth $559,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in Enbridge by 22.3% in the second quarter. Russell Investments Group Ltd. now owns 6,690,948 shares of the pipeline company’s stock worth $266,282,000 after buying an additional 1,219,486 shares in the last quarter. OLD Second National Bank of Aurora increased its stake in Enbridge by 4.6% in the second quarter. OLD Second National Bank of Aurora now owns 47,786 shares of the pipeline company’s stock worth $1,902,000 after buying an additional 2,090 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in Enbridge by 6.8% in the second quarter. First Citizens Bank & Trust Co. now owns 6,701 shares of the pipeline company’s stock worth $267,000 after buying an additional 428 shares in the last quarter. Delta Asset Management LLC TN increased its stake in Enbridge by 1.1% in the second quarter. Delta Asset Management LLC TN now owns 256,876 shares of the pipeline company’s stock worth $10,227,000 after buying an additional 2,893 shares in the last quarter. Finally, Forsta AP Fonden increased its stake in Enbridge by 296.3% in the second quarter. Forsta AP Fonden now owns 1,243,100 shares of the pipeline company’s stock worth $49,448,000 after buying an additional 929,400 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. Enbridge Inc has a 1-year low of $37.37 and a 1-year high of $45.77. The company has a market capitalization of $64.88 billion, a P/E ratio of 31.92 and a beta of 0.62. The firm has a 50-day moving average price of $40.59 and a 200 day moving average price of $40.82.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by $0.05. Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The business had revenue of $8.26 billion during the quarter, compared to analyst estimates of $8.81 billion. During the same period in the previous year, the business posted $0.50 earnings per share. On average, equities analysts predict that Enbridge Inc will post $1.58 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th will be paid a $0.489 dividend. The ex-dividend date is Friday, August 11th. This is a positive change from Enbridge’s previous quarterly dividend of $0.33. This represents a $1.96 dividend on an annualized basis and a dividend yield of 4.96%. Enbridge’s payout ratio is currently 190.29%.

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A number of brokerages recently issued reports on ENB. BidaskClub downgraded Enbridge from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Morgan Stanley reiterated an “equal weight” rating and set a $44.00 price objective (down from $45.00) on shares of Enbridge in a research note on Friday, July 14th. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Enbridge in a research note on Friday, June 23rd. Finally, Wolfe Research began coverage on Enbridge in a research note on Friday, May 12th. They set a “market perform” rating and a $43.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target 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.

Institutional Ownership by Quarter for Enbridge (NYSE:ENB)

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