BLB&B Advisors LLC lessened its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 98,787 shares of the pipeline company’s stock after selling 5,800 shares during the period. BLB&B Advisors LLC’s holdings in Enbridge were worth $3,582,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the business. Financial Gravity Wealth Inc. bought a new stake in shares of Enbridge in the first quarter worth approximately $42,000. Cypress Wealth Services LLC grew its position in Enbridge by 3.3% during the first quarter. Cypress Wealth Services LLC now owns 12,593 shares of the pipeline company’s stock valued at $457,000 after buying an additional 407 shares during the period. Strs Ohio bought a new stake in Enbridge during the first quarter valued at approximately $4,796,000. Asset Dedication LLC grew its position in Enbridge by 19.0% during the first quarter. Asset Dedication LLC now owns 2,028 shares of the pipeline company’s stock valued at $73,000 after buying an additional 324 shares during the period. Finally, Fairhaven Wealth Management LLC bought a new stake in Enbridge during the first quarter valued at approximately $406,000. 56.65% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Allen C. Capps sold 6,514 shares of the stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $37.02, for a total value of $241,148.28. Following the completion of the transaction, the insider now directly owns 3,437 shares of the company’s stock, valued at approximately $127,237.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William T. Yardley sold 14,900 shares of the stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $36.98, for a total transaction of $551,002.00. Following the completion of the transaction, the insider now directly owns 94,770 shares of the company’s stock, valued at $3,504,594.60. The disclosure for this sale can be found here. Corporate insiders own 0.42% of the company’s stock.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, May 10th. The pipeline company reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.09. The company had revenue of $9.67 billion for the quarter, compared to analysts’ expectations of $12.96 billion. Enbridge had a net margin of 5.64% and a return on equity of 8.72%. During the same period in the prior year, the business earned $0.82 EPS. As a group, equities research analysts forecast that Enbridge Inc will post 1.7 earnings per share for the current fiscal year.
A number of research firms have weighed in on ENB. Zacks Investment Research upgraded shares of Enbridge from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a research report on Tuesday, February 5th. National Bank Financial raised shares of Enbridge from a “sector perform overweight” rating to an “outperform overweight” rating in a report on Wednesday, March 20th. ValuEngine downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, April 1st. Wells Fargo & Co reissued a “buy” rating on shares of Enbridge in a report on Monday, February 18th. Finally, Bank of America reaffirmed a “buy” rating on shares of Enbridge in a research note on Tuesday, March 5th. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Enbridge presently has an average rating of “Buy” and a consensus target price of $46.46.
Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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