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.
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%.
COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by Community Financial News and is the property of of Community Financial News. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US & international copyright & trademark law. The legal version of this piece of content can be read at https://www.com-unik.info/2017/08/19/montecito-bank-trust-has-559000-position-in-enbridge-inc-nyseenb-updated-updated.html.
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.
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.
What are top analysts saying about Enbridge Inc? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Enbridge Inc and related companies.