Pennsylvania Trust Co Decreases Position in Enbridge Inc (ENB)
Pennsylvania Trust Co reduced its stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,170 shares of the pipeline company’s stock after selling 4,248 shares during the period. Pennsylvania Trust Co’s holdings in Enbridge were worth $2,653,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Accurate Investment Solutions Inc. bought a new position in shares of Enbridge during the second quarter valued at approximately $106,000. Welch Group LLC bought a new position in shares of Enbridge during the second quarter valued at approximately $109,000. Spectrum Management Group Inc. bought a new position in shares of Enbridge during the second quarter valued at approximately $119,000. Centersquare Investment Management LLC increased its stake in shares of Enbridge by 93.0% during the second quarter. Centersquare Investment Management LLC now owns 3,610 shares of the pipeline company’s stock valued at $129,000 after purchasing an additional 1,740 shares in the last quarter. Finally, Private Capital Group LLC increased its stake in shares of Enbridge by 2,241.9% during the first quarter. Private Capital Group LLC now owns 3,630 shares of the pipeline company’s stock valued at $114,000 after purchasing an additional 3,475 shares in the last quarter. 58.53% of the stock is owned by institutional investors.
A number of equities analysts have weighed in on ENB shares. Morgan Stanley raised their target price on shares of Enbridge from $34.00 to $37.00 and gave the company an “equal weight” rating in a research note on Friday, July 13th. Zacks Investment Research raised shares of Enbridge from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Monday. ValuEngine raised shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Thursday, July 5th. Citigroup reissued a “neutral” rating on shares of Enbridge in a research report on Monday, September 24th. Finally, UBS Group assumed coverage on shares of Enbridge in a research report on Thursday, October 4th. They set a “buy” rating for the company. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $49.17.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 3rd. The pipeline company reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.20. The company had revenue of $8.33 billion during the quarter, compared to the consensus estimate of $9.86 billion. Enbridge had a net margin of 5.99% and a return on equity of 8.47%. On average, sell-side analysts anticipate that Enbridge Inc will post 2.1 EPS for the current fiscal year.
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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