First PREMIER Bank Sells 15,492 Shares of Enbridge Inc (ENB)
First PREMIER Bank lowered its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 42.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,168 shares of the pipeline company’s stock after selling 15,492 shares during the quarter. First PREMIER Bank’s holdings in Enbridge were worth $659,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its position in Enbridge by 6.3% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,767,200 shares of the pipeline company’s stock worth $73,657,000 after purchasing an additional 105,000 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Enbridge in the second quarter worth $191,000. Morgan Stanley boosted its position in Enbridge by 11.0% in the third quarter. Morgan Stanley now owns 4,787,632 shares of the pipeline company’s stock worth $154,592,000 after purchasing an additional 472,660 shares during the last quarter. Nexus Investment Management Inc. boosted its position in Enbridge by 4.9% in the third quarter. Nexus Investment Management Inc. now owns 412,388 shares of the pipeline company’s stock worth $13,297,000 after purchasing an additional 19,200 shares during the last quarter. Finally, Osher Van de Voorde Investment Management boosted its position in Enbridge by 2.2% in the third quarter. Osher Van de Voorde Investment Management now owns 192,824 shares of the pipeline company’s stock worth $6,226,000 after purchasing an additional 4,164 shares during the last quarter. Institutional investors and hedge funds own 49.11% of the company’s stock.
Several research analysts have weighed in on ENB shares. Citigroup reissued a “neutral” rating on shares of Enbridge in a research report on Monday, September 24th. ValuEngine raised Enbridge from a “sell” rating to a “hold” rating in a research report on Tuesday, October 2nd. UBS Group started coverage on Enbridge in a research report on Thursday, October 4th. They set a “buy” rating on the stock. Zacks Investment Research raised Enbridge from a “hold” rating to a “buy” rating and set a $38.00 price target on the stock in a research report on Monday, October 8th. Finally, Wells Fargo & Co raised Enbridge from a “market perform” rating to an “outperform” rating in a research report on Monday, November 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $48.20.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 2nd. The pipeline company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. Enbridge had a return on equity of 8.81% and a net margin of 3.95%. The firm had revenue of $8.68 billion for the quarter, compared to analysts’ expectations of $8.28 billion. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, equities analysts expect that Enbridge Inc will post 2.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 15th will be given a dividend of $0.555 per share. This represents a $2.22 dividend on an annualized basis and a dividend yield of 6.38%. The ex-dividend date is Thursday, February 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.51. Enbridge’s dividend payout ratio is currently 131.82%.
In related news, insider Byron C. Neiles sold 64,000 shares of the stock in a transaction dated Friday, December 14th. The stock was sold at an average price of $43.10, for a total transaction of $2,758,400.00. Following the sale, the insider now owns 128,665 shares of the company’s stock, valued at approximately $5,545,461.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Albert Monaco acquired 7,569 shares of the company’s stock in a transaction that occurred on Tuesday, December 4th. The shares were bought at an average cost of $43.82 per share, for a total transaction of $331,673.58. Following the acquisition, the insider now directly owns 67,329 shares in the company, valued at approximately $2,950,356.78. The disclosure for this purchase can be found here. 0.48% of the stock is owned by corporate insiders.
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Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in 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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