Pinnacle Financial Partners Inc. Sells 5,960 Shares of Enbridge Inc (NYSE:ENB)
Pinnacle Financial Partners Inc. lowered its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 27.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 15,896 shares of the pipeline company’s stock after selling 5,960 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Enbridge were worth $574,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Comerica Securities Inc. purchased a new position in Enbridge during the fourth quarter valued at approximately $211,000. Dimensional Fund Advisors LP grew its position in shares of Enbridge by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 936,495 shares of the pipeline company’s stock valued at $29,106,000 after purchasing an additional 29,232 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Enbridge by 35.2% in the fourth quarter. Geode Capital Management LLC now owns 1,694,727 shares of the pipeline company’s stock worth $52,840,000 after purchasing an additional 441,076 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Enbridge by 7.9% in the first quarter. Janus Henderson Group PLC now owns 489,228 shares of the pipeline company’s stock worth $17,737,000 after purchasing an additional 35,738 shares during the period. Finally, Cornerstone Advisors Inc. raised its position in shares of Enbridge by 35.4% in the first quarter. Cornerstone Advisors Inc. now owns 2,505 shares of the pipeline company’s stock worth $91,000 after buying an additional 655 shares in the last quarter. Hedge funds and other institutional investors own 53.86% of the company’s stock.
ENB has been the subject of several recent analyst reports. ValuEngine cut Enbridge from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Goldman Sachs Group initiated coverage on Enbridge in a research report on Thursday, July 18th. They set a “neutral” rating for the company. Wolfe Research lowered Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 price objective for the company. in a report on Thursday, June 13th. Finally, Bank of America cut shares of Enbridge from a “buy” rating to a “neutral” rating and set a $49.00 price objective on the stock. in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $43.75.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.42 by $0.08. Enbridge had a return on equity of 8.16% and a net margin of 9.97%. The business had revenue of $9.92 billion for the quarter. Sell-side analysts expect that Enbridge Inc will post 1.9 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.559 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.52. This represents a $2.24 dividend on an annualized basis and a yield of 6.44%. The ex-dividend date was Wednesday, August 14th. Enbridge’s dividend payout ratio is currently 107.80%.
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through 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.
Further Reading: Market Perform
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