Latitude Advisors LLC Sells 492 Shares of Enbridge Inc. (NYSE:ENB)

Latitude Advisors LLC lowered its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 7.2% during the fourth quarter, HoldingsChannel reports. The firm owned 6,379 shares of the pipeline company’s stock after selling 492 shares during the quarter. Latitude Advisors LLC’s holdings in Enbridge were worth $271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CIBC Asset Management Inc lifted its stake in Enbridge by 4.0% in the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after acquiring an additional 936,863 shares during the last quarter. National Bank of Canada FI lifted its stake in Enbridge by 12.8% in the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock valued at $737,754,000 after purchasing an additional 2,061,758 shares during the last quarter. JPMorgan Chase & Co. increased its position in Enbridge by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after buying an additional 176,733 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Enbridge by 27.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after buying an additional 2,668,692 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Enbridge by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock worth $416,431,000 after acquiring an additional 985,546 shares during the period. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Shares of NYSE:ENB opened at $44.80 on Tuesday. 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 Inc. has a 12-month low of $32.85 and a 12-month high of $45.78. The company’s 50 day moving average price is $43.20 and its two-hundred day moving average price is $41.48. The firm has a market cap of $97.60 billion, a PE ratio of 20.74, a PEG ratio of 4.08 and a beta of 0.94.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be issued a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 5.98%. Enbridge’s dividend payout ratio is presently 121.76%.

Wall Street Analyst Weigh In

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

Enbridge 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.