Enbridge Inc. (NYSE:ENB) Shares Sold by Mechanics Bank Trust Department

Mechanics Bank Trust Department reduced its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,928 shares of the pipeline company’s stock after selling 1,110 shares during the quarter. Mechanics Bank Trust Department’s holdings in Enbridge were worth $2,759,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. First PREMIER Bank lifted its holdings in shares of Enbridge by 1.7% in the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock valued at $631,000 after buying an additional 257 shares during the period. Rockwood Wealth Management LLC raised its holdings in Enbridge by 2.6% during the second quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock worth $395,000 after purchasing an additional 285 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Enbridge by 3.7% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after purchasing an additional 298 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in Enbridge by 1.7% during the second quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock worth $649,000 after purchasing an additional 298 shares during the last quarter. Finally, Perigon Wealth Management LLC raised its holdings in Enbridge by 3.7% during the first quarter. Perigon Wealth Management LLC now owns 8,827 shares of the pipeline company’s stock worth $319,000 after purchasing an additional 314 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Performance

Enbridge stock opened at $41.07 on Friday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a fifty day moving average of $40.05 and a two-hundred day moving average of $37.34. The company has a market capitalization of $87.64 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $41.35.

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

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were given a dividend of $0.669 per share. This represents a $2.68 annualized dividend and a yield of 6.52%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and a consensus price target of $51.50.

Enbridge Company Profile

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.