Enbridge Inc. (NYSE:ENB) Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 45.5% during the third quarter, Holdings Channel reports. The fund owned 306,665 shares of the pipeline company’s stock after selling 256,030 shares during the quarter. Enbridge comprises approximately 0.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 26th largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Enbridge were worth $12,454,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ENB. Fisher Asset Management LLC raised its holdings in shares of Enbridge by 18.5% during the fourth quarter. Fisher Asset Management LLC now owns 10,021 shares of the pipeline company’s stock valued at $361,000 after buying an additional 1,561 shares during the last quarter. Park Avenue Securities LLC raised its stake in Enbridge by 61.5% during the 1st quarter. Park Avenue Securities LLC now owns 42,922 shares of the pipeline company’s stock valued at $1,553,000 after acquiring an additional 16,343 shares in the last quarter. Gulf International Bank UK Ltd grew its stake in shares of Enbridge by 8.3% in the first quarter. Gulf International Bank UK Ltd now owns 13,749 shares of the pipeline company’s stock worth $497,000 after purchasing an additional 1,054 shares in the last quarter. AdvisorNet Financial Inc grew its stake in shares of Enbridge by 53.0% in the first quarter. AdvisorNet Financial Inc now owns 6,873 shares of the pipeline company’s stock worth $249,000 after purchasing an additional 2,381 shares in the last quarter. Finally, Harbor Investment Advisory LLC raised its stake in shares of Enbridge by 16.9% during the first quarter. Harbor Investment Advisory LLC now owns 6,573 shares of the pipeline company’s stock valued at $238,000 after purchasing an additional 950 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Enbridge Price Performance

NYSE ENB traded down $0.07 on Tuesday, reaching $41.47. 1,541,082 shares of the stock traded hands, compared to its average volume of 4,937,484. Enbridge Inc. has a 12 month low of $31.31 and a 12 month high of $42.16. The company has a market cap of $88.49 billion, a price-to-earnings ratio of 21.00, a P/E/G ratio of 3.94 and a beta of 0.93. The firm’s fifty day simple moving average is $40.43 and its 200 day simple moving average is $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 (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same quarter in the previous year, the business earned $0.51 earnings per share. As a group, research analysts predict that Enbridge Inc. will post 2.08 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.669 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.45%. Enbridge’s dividend payout ratio is 134.01%.

Enbridge 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.