Convergence Financial LLC Has $257,000 Holdings in Enbridge Inc. (NYSE:ENB)

Convergence Financial LLC trimmed its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 22.8% in the third quarter, HoldingsChannel reports. The firm owned 6,318 shares of the pipeline company’s stock after selling 1,867 shares during the period. Convergence Financial LLC’s holdings in Enbridge were worth $257,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ENB. M&G Plc acquired a new stake in Enbridge during the 1st quarter valued at $152,843,000. Cibc World Market Inc. increased its holdings in Enbridge by 12.8% during the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after purchasing an additional 3,693,495 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in Enbridge by 66.9% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock valued at $327,172,000 after purchasing an additional 3,624,089 shares in the last quarter. National Bank of Canada FI increased its holdings in Enbridge by 11.3% during the 1st quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company’s stock valued at $818,370,000 after purchasing an additional 2,203,123 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in Enbridge by 3.9% during the 1st quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after purchasing an additional 1,360,439 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Down 0.4 %

Shares of ENB opened at $40.95 on Friday. The firm has a market capitalization of $89.18 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 4.00 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The business’s fifty day moving average price is $40.55 and its two-hundred day moving average price is $37.68. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $42.16.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the company earned $0.51 EPS. On average, analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were given a $0.669 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.53%. Enbridge’s dividend payout ratio is currently 137.50%.

Analysts Set New Price Targets

A number of brokerages have commented on ENB. Morgan Stanley began coverage on Enbridge in a research report on Friday. They issued an “equal weight” rating on the stock. Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research 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.