Cardinal Capital Management Inc. Cuts Position in Enbridge Inc. (NYSE:ENB)

Cardinal Capital Management Inc. trimmed its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,778,833 shares of the pipeline company’s stock after selling 1,873 shares during the period. Enbridge makes up approximately 4.7% of Cardinal Capital Management Inc.’s holdings, making the stock its 11th biggest holding. Cardinal Capital Management Inc. owned approximately 0.13% of Enbridge worth $113,020,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ENB. Kings Path Partners LLC purchased a new position in shares of Enbridge during the 3rd quarter worth about $175,000. Ritholtz Wealth Management grew its stake in shares of Enbridge by 46.1% during the third quarter. Ritholtz Wealth Management now owns 56,963 shares of the pipeline company’s stock valued at $2,313,000 after buying an additional 17,978 shares during the last quarter. Code Waechter LLC purchased a new stake in shares of Enbridge in the third quarter worth approximately $1,553,000. Silverlake Wealth Management LLC lifted its stake in shares of Enbridge by 2.4% during the 3rd quarter. Silverlake Wealth Management LLC now owns 19,150 shares of the pipeline company’s stock worth $778,000 after acquiring an additional 445 shares during the last quarter. Finally, Priebe Wealth Holdings LLC purchased a new position in Enbridge during the 3rd quarter valued at $203,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Enbridge has an average rating of “Hold” and an average price target of $51.50.

Enbridge Stock Up 0.5 %

Shares of NYSE:ENB opened at $41.07 on Friday. The business’s 50 day moving average is $40.05 and its 200 day moving average is $37.34. The stock has a market cap of $87.64 billion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a 52-week low of $31.31 and a 52-week high of $41.35. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same quarter last year, the firm posted $0.51 earnings per share. Sell-side analysts predict that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a dividend of $0.669 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.52%. Enbridge’s dividend payout ratio is presently 134.01%.

About Enbridge

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.