NewGen Asset Management Ltd Sells 25,000 Shares of Enbridge Inc $ENB

by · The Markets Daily

NewGen Asset Management Ltd reduced its position in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 21.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,000 shares of the pipeline company’s stock after selling 25,000 shares during the quarter. Enbridge comprises about 2.3% of NewGen Asset Management Ltd’s portfolio, making the stock its 16th largest position. NewGen Asset Management Ltd’s holdings in Enbridge were worth $4,079,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whipplewood Advisors LLC increased its stake in Enbridge by 112.4% in the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 308 shares during the last quarter. Financial Gravity Companies Inc. bought a new position in shares of Enbridge in the 2nd quarter valued at $29,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Enbridge in the 2nd quarter valued at $31,000. Addison Advisors LLC bought a new stake in shares of Enbridge during the 2nd quarter worth $35,000. Finally, FNY Investment Advisers LLC acquired a new stake in Enbridge in the second quarter valued at about $36,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 0.3%

NYSE ENB opened at $47.55 on Friday. The business has a 50 day simple moving average of $47.74 and a 200 day simple moving average of $47.14. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54. The stock has a market capitalization of $103.71 billion, a P/E ratio of 26.12 and a beta of 0.68. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.80 and a quick ratio of 0.68.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last issued its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.06). The business had revenue of $7 billion during the quarter, compared to analyst estimates of $8.45 billion. Enbridge had a net margin of 9.20% and a return on equity of 10.51%. During the same period last year, the firm posted $0.55 earnings per share. Research analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a dividend of $0.97 per share. This is a boost from Enbridge’s previous quarterly dividend of $0.94. This represents a $3.88 annualized dividend and a yield of 8.2%. The ex-dividend date of this dividend is Tuesday, February 17th. Enbridge’s payout ratio is currently 147.80%.

Wall Street Analysts Forecast Growth

ENB has been the topic of several recent research reports. Cibc World Mkts downgraded Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Royal Bank Of Canada upped their price target on shares of Enbridge from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Monday, November 10th. National Bankshares restated a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. CIBC downgraded Enbridge from an “outperform” rating to a “neutral” rating in a report on Thursday, October 9th. Finally, Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. Six investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Enbridge presently has a consensus rating of “Hold” and an average target price of $63.00.

View Our Latest Analysis on Enbridge

Enbridge Company Profile

(Free Report)

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.

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