Weaver Capital Management LLC Cuts Stake in Enbridge Inc. (NYSE:ENB)

Weaver Capital Management LLC decreased its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.2% during the third quarter, HoldingsChannel.com reports. The firm owned 37,507 shares of the pipeline company’s stock after selling 2,498 shares during the quarter. Weaver Capital Management LLC’s holdings in Enbridge were worth $1,523,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Grove Bank & Trust increased its position in shares of Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. TruNorth Capital Management LLC purchased a new stake in shares of Enbridge during the second quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new position in Enbridge in the 2nd quarter worth about $28,000. Ameritas Investment Partners Inc. bought a new position in Enbridge during the 1st quarter valued at about $29,000. Finally, Richardson Financial Services Inc. purchased a new stake in shares of Enbridge during the 1st quarter valued at about $31,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Down 0.2 %

Enbridge stock opened at $41.46 on Wednesday. The business has a 50-day simple moving average of $40.47 and a two-hundred day simple moving average of $37.63. Enbridge Inc. has a 52-week low of $31.31 and a 52-week 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 company has a market cap of $88.46 billion, a P/E ratio of 21.04, a P/E/G ratio of 3.94 and a beta of 0.93.

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

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.46%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

Wall Street Analyst Weigh In

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

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.