Castleview Partners LLC Reduces Stock Position in Enbridge Inc. (NYSE:ENB)

Castleview Partners LLC cut its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 16.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,565 shares of the pipeline company’s stock after selling 304 shares during the quarter. Castleview Partners LLC’s holdings in Enbridge were worth $64,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ENB. Sei Investments Co. grew its holdings in Enbridge by 6.1% during the 1st quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock valued at $9,922,000 after buying an additional 15,650 shares in the last quarter. Stonegate Investment Group LLC lifted its holdings in shares of 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. State Board of Administration of Florida Retirement System bought a new position in shares of Enbridge in the first quarter valued at approximately $1,133,000. Vanguard Group Inc. grew its stake in Enbridge by 1.5% during the first quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after acquiring an additional 1,227,031 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in Enbridge during the 1st quarter worth approximately $4,069,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

NYSE:ENB opened at $41.54 on Tuesday. Enbridge Inc. has a twelve month low of $31.31 and a twelve month high of $42.16. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The stock has a market cap of $88.63 billion, a P/E ratio of 21.08, a PEG ratio of 3.94 and a beta of 0.93. The business’s 50-day moving average price is $40.43 and its two-hundred day moving average price is $37.59.

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

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.44%. Enbridge’s dividend payout ratio is presently 134.01%.

Analyst Ratings Changes

Separately, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

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.