Viking Fund Management LLC Trims Stock Position in Enbridge Inc. (NYSE:ENB)

Viking Fund Management LLC trimmed its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 64.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 104,500 shares of the pipeline company’s stock after selling 190,000 shares during the period. Viking Fund Management LLC’s holdings in Enbridge were worth $4,434,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Enbridge by 1,514.7% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,799,345 shares of the pipeline company’s stock valued at $194,938,000 after purchasing an additional 4,502,115 shares during the period. Pathway Financial Advisers LLC grew its stake in shares of Enbridge by 4,120.0% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,571,669 shares of the pipeline company’s stock valued at $185,655,000 after buying an additional 4,463,335 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Enbridge by 27.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock worth $498,734,000 after buying an additional 2,668,692 shares during the last quarter. National Bank of Canada FI raised its position in shares of Enbridge by 12.8% in the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after buying an additional 2,061,758 shares during the period. Finally, Kayne Anderson Capital Advisors LP boosted its holdings in Enbridge by 55.2% in the third quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company’s stock valued at $168,258,000 after acquiring an additional 1,472,789 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

Enbridge stock opened at $45.35 on Wednesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. Enbridge Inc. has a one year low of $32.85 and a one year high of $45.78. The stock’s 50 day moving average price is $42.85 and its 200 day moving average price is $40.73. The firm has a market capitalization of $98.79 billion, a PE ratio of 21.00, a price-to-earnings-growth ratio of 4.13 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the previous year, the company posted $0.46 earnings per share. As a group, sell-side analysts expect that Enbridge Inc. will post 1.97 EPS for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a dividend of $0.67 per share. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 5.91%. Enbridge’s dividend payout ratio is presently 121.76%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. TD Securities assumed coverage on Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $63.00 price target (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Morgan Stanley started coverage on shares of Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating for the company. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $63.00.

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.