Spirit of America Management Corp NY Sells 3,000 Shares of Enbridge Inc. (NYSE:ENB)

Spirit of America Management Corp NY lowered its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 204,627 shares of the pipeline company’s stock after selling 3,000 shares during the period. Enbridge makes up approximately 1.7% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 15th biggest holding. Spirit of America Management Corp NY’s holdings in Enbridge were worth $8,310,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ENB. Brookstone Capital Management lifted its stake in Enbridge by 11.4% in the first quarter. Brookstone Capital Management now owns 46,300 shares of the pipeline company’s stock worth $1,675,000 after purchasing an additional 4,742 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its stake in Enbridge by 7.1% in the first quarter. Wealthcare Advisory Partners LLC now owns 7,960 shares of the pipeline company’s stock worth $288,000 after purchasing an additional 530 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Enbridge by 5.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 714,965 shares of the pipeline company’s stock worth $25,867,000 after purchasing an additional 36,085 shares during the last quarter. Courier Capital LLC bought a new stake in Enbridge in the first quarter worth about $235,000. Finally, Register Financial Advisors LLC bought a new stake in Enbridge in the first quarter worth about $83,000. Institutional investors own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

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

Enbridge Stock Performance

Enbridge stock opened at $41.15 on Friday. The company has a 50 day moving average price of $40.50 and a 200-day moving average price of $37.66. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. Enbridge Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $42.16. The company has a market capitalization of $87.81 billion, a PE ratio of 20.89, a P/E/G ratio of 3.94 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $0.51 earnings per share. As a group, equities analysts forecast that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The firm 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. This represents a $2.68 annualized dividend and a yield of 6.50%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

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.