Enbridge Inc. (NYSE:ENB) Shares Sold by M&T Bank Corp

M&T Bank Corp cut its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 334,007 shares of the pipeline company’s stock after selling 1,959 shares during the period. M&T Bank Corp’s holdings in Enbridge were worth $13,564,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Independence Bank of Kentucky boosted its position in Enbridge by 15.6% during the 2nd quarter. Independence Bank of Kentucky now owns 4,546 shares of the pipeline company’s stock valued at $162,000 after purchasing an additional 613 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Enbridge by 0.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,595,454 shares of the pipeline company’s stock worth $163,552,000 after acquiring an additional 15,218 shares during the period. Verdence Capital Advisors LLC lifted its position in Enbridge by 1.2% in the 2nd quarter. Verdence Capital Advisors LLC now owns 43,298 shares of the pipeline company’s stock valued at $1,541,000 after purchasing an additional 498 shares during the last quarter. SlateStone Wealth LLC boosted its stake in Enbridge by 7.3% during the 2nd quarter. SlateStone Wealth LLC now owns 15,820 shares of the pipeline company’s stock valued at $563,000 after purchasing an additional 1,076 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Enbridge by 1.3% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 329,407 shares of the pipeline company’s stock valued at $11,724,000 after purchasing an additional 4,192 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of NYSE ENB opened at $41.37 on Friday. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $44.13. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The stock has a fifty day moving average price of $42.04 and a two-hundred day moving average price of $39.49. The firm has a market cap of $90.12 billion, a P/E ratio of 19.15, a PEG ratio of 4.18 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The firm had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the firm posted $0.46 earnings per share. Research analysts forecast that Enbridge Inc. will post 2.03 EPS for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 6.48%. Enbridge’s payout ratio is currently 124.07%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Morgan Stanley initiated coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and a consensus price target 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.