Spirit of America Management Corp NY Cuts Stock Position in Enbridge Inc. (NYSE:ENB)

Spirit of America Management Corp NY lessened its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 204,627 shares of the pipeline company’s stock after selling 3,000 shares during the period. Enbridge accounts for approximately 1.7% of Spirit of America Management Corp NY’s holdings, making the stock its 15th biggest position. Spirit of America Management Corp NY’s holdings in Enbridge were worth $8,310,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. apricus wealth LLC increased its stake in Enbridge by 2.5% in the 3rd quarter. apricus wealth LLC now owns 20,395 shares of the pipeline company’s stock worth $828,000 after buying an additional 495 shares in the last quarter. Assenagon Asset Management S.A. grew its position in shares of Enbridge by 19.8% during the third quarter. Assenagon Asset Management S.A. now owns 75,098 shares of the pipeline company’s stock valued at $3,054,000 after purchasing an additional 12,431 shares in the last quarter. JCIC Asset Management Inc. grew its position in shares of Enbridge by 2.7% during the third quarter. JCIC Asset Management Inc. now owns 197,887 shares of the pipeline company’s stock valued at $8,038,000 after purchasing an additional 5,139 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Enbridge by 734.1% during the third quarter. International Assets Investment Management LLC now owns 891,403 shares of the pipeline company’s stock valued at $36,200,000 after purchasing an additional 784,535 shares in the last quarter. Finally, Capital Investment Counsel Inc grew its position in shares of Enbridge by 13.2% during the third quarter. Capital Investment Counsel Inc now owns 7,873 shares of the pipeline company’s stock valued at $320,000 after purchasing an additional 918 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.2 %

Shares of Enbridge stock opened at $41.15 on Friday. The firm has a market cap of $87.81 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 3.94 and a beta of 0.93. The business has a 50-day moving average price of $40.50 and a 200-day moving average price of $37.66. 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 twelve month low of $31.31 and a twelve month high of $42.16.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter last year, the firm earned $0.51 EPS. Equities research analysts anticipate that Enbridge Inc. will post 2.08 EPS for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research 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.