Silverlake Wealth Management LLC Has $628,000 Position in Enbridge Inc. (NYSE:ENB)

Silverlake Wealth Management LLC lowered its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 22.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,796 shares of the pipeline company’s stock after selling 4,354 shares during the quarter. Silverlake Wealth Management LLC’s holdings in Enbridge were worth $628,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. CIBC Asset Management Inc boosted its holdings in Enbridge by 4.0% during the 3rd quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after acquiring an additional 936,863 shares during the last quarter. National Bank of Canada FI grew its position in Enbridge by 12.8% during the third quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock valued at $737,754,000 after buying an additional 2,061,758 shares during the period. JPMorgan Chase & Co. grew its position in Enbridge by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock valued at $655,556,000 after buying an additional 176,733 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Enbridge by 27.8% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after purchasing an additional 2,668,692 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Enbridge by 10.8% during the third quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock valued at $416,431,000 after purchasing an additional 985,546 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent analyst reports. Morgan Stanley started coverage on shares of Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Finally, TD Securities initiated coverage on shares of Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Enbridge presently has an average rating of “Hold” and an average target price of $63.00.

Enbridge Stock Up 1.9 %

Shares of Enbridge stock opened at $43.73 on Wednesday. The company’s 50 day moving average price is $43.11 and its 200-day moving average price is $41.27. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $45.78. The stock has a market capitalization of $95.25 billion, a price-to-earnings ratio of 20.24, a P/E/G ratio of 4.02 and a beta of 0.94. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s payout ratio is 121.76%.

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.