Enbridge Inc. (NYSE:ENB) Shares Sold by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. trimmed its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,160 shares of the pipeline company’s stock after selling 481 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Enbridge were worth $855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. McIlrath & Eck LLC increased its holdings in shares of Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares in the last quarter. Albion Financial Group UT purchased a new stake in Enbridge during the 4th quarter worth approximately $29,000. Grove Bank & Trust raised its holdings in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after buying an additional 279 shares during the last quarter. MFA Wealth Advisors LLC lifted its stake in shares of Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after buying an additional 280 shares during the period. Finally, Fortitude Family Office LLC purchased a new stake in shares of Enbridge during the third quarter valued at $35,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Down 0.4 %

Shares of ENB opened at $44.29 on Thursday. The company has a market capitalization of $96.47 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 4.15 and a beta of 0.93. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $45.78. The stock’s 50-day moving average price is $43.06 and its 200-day moving average price is $41.05. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating 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 analyst estimates of $4.54 billion. During the same period in the previous year, the firm earned $0.46 EPS. On average, sell-side analysts predict that Enbridge Inc. will post 1.97 EPS for the current year.

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.05%. The ex-dividend date is Friday, February 14th. Enbridge’s payout ratio is currently 121.76%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley assumed coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating for the company. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. TD Securities began coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 price objective (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $63.00.

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.