Meridian Investment Counsel Inc. Trims Stock Position in Enbridge Inc. (NYSE:ENB)

Meridian Investment Counsel Inc. decreased its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,929 shares of the pipeline company’s stock after selling 332 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Enbridge were worth $241,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in shares of Enbridge by 6.1% during the 1st quarter. Sei Investments Co. now owns 274,235 shares of the pipeline company’s stock worth $9,922,000 after acquiring an additional 15,650 shares during the last quarter. Pinnacle Financial Partners Inc raised its holdings in Enbridge by 8.8% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock worth $7,650,000 after purchasing an additional 15,207 shares during the period. Stonegate Investment Group LLC lifted its position in Enbridge by 66.5% during the third 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 in the last quarter. Lindbrook Capital LLC grew its holdings in Enbridge by 816.2% during the third quarter. Lindbrook Capital LLC now owns 21,714 shares of the pipeline company’s stock valued at $882,000 after purchasing an additional 19,344 shares during the period. Finally, Ted Buchan & Co increased its position in Enbridge by 43.5% in the third quarter. Ted Buchan & Co now owns 48,799 shares of the pipeline company’s stock worth $1,985,000 after buying an additional 14,791 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ENB. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley assumed coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating for the company.

Enbridge Stock Performance

NYSE ENB opened at $42.18 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. Enbridge Inc. has a twelve month low of $32.76 and a twelve month high of $43.31. The business has a 50-day moving average price of $41.15 and a 200-day moving average price of $38.45. The firm has a market cap of $91.86 billion, a price-to-earnings ratio of 19.53, a price-to-earnings-growth ratio of 4.13 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same period in the prior year, the company posted $0.46 EPS. As a group, equities research analysts predict that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be paid a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a yield of 6.41%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, November 15th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

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.