Nexus Investment Management ULC Has $29.15 Million Stock Holdings in Enbridge Inc. (NYSE:ENB)

Nexus Investment Management ULC trimmed its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 716,617 shares of the pipeline company’s stock after selling 60,045 shares during the period. Enbridge makes up approximately 2.9% of Nexus Investment Management ULC’s holdings, making the stock its 16th biggest holding. Nexus Investment Management ULC’s holdings in Enbridge were worth $29,146,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. First PREMIER Bank increased its stake in Enbridge by 1.7% during the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock worth $631,000 after purchasing an additional 257 shares in the last quarter. Grove Bank & Trust grew its stake in shares of Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 279 shares in the last quarter. Rockwood Wealth Management LLC grew its stake in shares of Enbridge by 2.6% during the 2nd quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock worth $395,000 after acquiring an additional 285 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Enbridge by 3.7% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after acquiring an additional 298 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV grew its stake in shares of Enbridge by 1.7% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock worth $649,000 after acquiring an additional 298 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $51.50.

Enbridge Trading Up 0.4 %

NYSE ENB opened at $41.30 on Wednesday. The company has a market cap of $88.12 billion, a PE ratio of 20.96, a PEG ratio of 3.94 and a beta of 0.93. 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 Inc. has a 12 month low of $31.31 and a 12 month high of $41.35. The stock has a 50 day moving average of $40.18 and a 200-day moving average of $37.42.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. The company had revenue of $8.29 billion during 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 in the prior year, the firm posted $0.51 EPS. On average, equities research analysts anticipate that Enbridge Inc. will post 2.08 EPS for the current fiscal year.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 annualized dividend and a dividend yield of 6.48%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is presently 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.