Cumberland Partners Ltd Sells 21,140 Shares of Enbridge Inc. (NYSE:ENB)

Cumberland Partners Ltd lowered its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 37.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,975 shares of the pipeline company’s stock after selling 21,140 shares during the period. Cumberland Partners Ltd’s holdings in Enbridge were worth $1,422,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Sei Investments Co. raised its holdings in shares of Enbridge by 6.1% in the 1st quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock valued at $9,922,000 after purchasing an additional 15,650 shares in the last quarter. Stonegate Investment Group LLC raised its stake in Enbridge by 66.5% in the third quarter. Stonegate Investment Group LLC now owns 33,833 shares of the pipeline company’s stock worth $1,374,000 after buying an additional 13,515 shares in the last quarter. Lindbrook Capital LLC lifted its holdings in Enbridge by 816.2% during the third quarter. Lindbrook Capital LLC now owns 21,714 shares of the pipeline company’s stock worth $882,000 after buying an additional 19,344 shares during the period. State Board of Administration of Florida Retirement System bought a new stake in Enbridge during the 1st quarter valued at $1,133,000. Finally, Ted Buchan & Co increased its holdings in shares of Enbridge by 43.5% in the 3rd quarter. Ted Buchan & Co now owns 48,799 shares of the pipeline company’s stock valued at $1,985,000 after acquiring an additional 14,791 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ENB shares. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, Morgan Stanley started coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock.

Enbridge Price Performance

Shares of ENB traded down $0.20 during mid-day trading on Tuesday, hitting $42.58. 596,698 shares of the company were exchanged, compared to its average volume of 4,862,271. Enbridge Inc. has a 1-year low of $32.76 and a 1-year high of $43.00. The stock has a market cap of $92.73 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 4.11 and a beta of 0.93. The company has a 50 day moving average of $40.98 and a 200-day moving average of $38.28. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.68 and a current ratio of 0.62.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The firm had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same period last year, the business earned $0.46 earnings per share. Analysts expect that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a dividend yield of 6.35%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is presently 121.76%.

Enbridge Company Profile

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.