CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Decreases Holdings in Enbridge Inc. (NYSE:ENB)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 45.5% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 306,665 shares of the pipeline company’s stock after selling 256,030 shares during the period. Enbridge makes up approximately 0.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 26th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $12,454,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Eastern Bank acquired a new position in Enbridge in the 3rd quarter worth $285,000. Signaturefd LLC grew its stake in Enbridge by 3.2% during the 3rd quarter. Signaturefd LLC now owns 40,717 shares of the pipeline company’s stock valued at $1,654,000 after purchasing an additional 1,278 shares in the last quarter. Sequoia Financial Advisors LLC increased its holdings in Enbridge by 393.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 95,415 shares of the pipeline company’s stock worth $3,875,000 after purchasing an additional 76,072 shares during the last quarter. Mattern Wealth Management LLC raised its position in shares of Enbridge by 4.2% in the 3rd quarter. Mattern Wealth Management LLC now owns 7,513 shares of the pipeline company’s stock valued at $305,000 after purchasing an additional 300 shares in the last quarter. Finally, Home Federal Bank of Tennessee boosted its stake in shares of Enbridge by 1.6% during the 3rd quarter. Home Federal Bank of Tennessee now owns 53,822 shares of the pipeline company’s stock valued at $2,186,000 after buying an additional 850 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB traded down $0.07 during trading hours on Tuesday, reaching $41.47. 1,541,082 shares of the stock were exchanged, compared to its average volume of 4,937,484. The stock has a market capitalization of $88.49 billion, a P/E ratio of 21.00, a P/E/G ratio of 3.94 and a beta of 0.93. The firm has a 50 day simple moving average of $40.43 and a 200-day simple moving average of $37.59. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $42.16.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same period last year, the business posted $0.51 earnings per share. As a group, sell-side analysts forecast that Enbridge Inc. will post 2.08 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.45%. Enbridge’s payout ratio is currently 134.01%.

Analyst Ratings Changes

Separately, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

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.