Border to Coast Pensions Partnership Ltd Sells 50,000 Shares of Enbridge Inc. (NYSE:ENB)

Border to Coast Pensions Partnership Ltd reduced its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,000,000 shares of the pipeline company’s stock after selling 50,000 shares during the quarter. Border to Coast Pensions Partnership Ltd’s holdings in Enbridge were worth $40,549,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. lifted its holdings in shares of Enbridge by 6.1% during the first quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock worth $9,922,000 after buying an additional 15,650 shares in the last quarter. Stonegate Investment Group LLC boosted its holdings in Enbridge by 66.5% in the 3rd quarter. Stonegate Investment Group LLC now owns 33,833 shares of the pipeline company’s stock valued at $1,374,000 after purchasing an additional 13,515 shares during the period. State Board of Administration of Florida Retirement System bought a new position in shares of Enbridge in the 1st quarter valued at $1,133,000. Vanguard Group Inc. raised its holdings in shares of Enbridge by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after buying an additional 1,227,031 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Enbridge during the 1st quarter worth $4,069,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Enbridge Price Performance

NYSE:ENB traded down $0.48 on Monday, hitting $41.50. The company had a trading volume of 1,700,174 shares, compared to its average volume of 4,948,002. The firm has a 50 day moving average of $40.38 and a two-hundred day moving average of $37.55. The stock has a market capitalization of $88.56 billion, a price-to-earnings ratio of 21.37, a PEG ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $42.16. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34.

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

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a dividend of $0.669 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.45%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is currently 134.01%.

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.