First County Bank CT Reduces Stock Holdings in Enbridge Inc. (NYSE:ENB)

First County Bank CT lessened its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,142 shares of the pipeline company’s stock after selling 236 shares during the period. First County Bank CT’s holdings in Enbridge were worth $1,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. McIlrath & Eck LLC grew its position in Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after buying an additional 295 shares during the period. Grove Bank & Trust grew its position in shares of Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. MFA Wealth Advisors LLC increased its stake in shares of Enbridge by 55.6% in the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 280 shares in the last quarter. William B. Walkup & Associates Inc. acquired a new position in Enbridge in the 2nd quarter worth about $28,000. Finally, Fortitude Family Office LLC purchased a new position in Enbridge during the third quarter worth approximately $35,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on ENB shares. Morgan Stanley initiated coverage on Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating for the company. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $63.00 price target (up previously from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $63.00.

Enbridge Price Performance

NYSE ENB traded up $0.70 during mid-day trading on Tuesday, hitting $43.69. The stock had a trading volume of 1,617,188 shares, compared to its average volume of 2,521,300. The firm’s 50 day moving average is $42.24 and its 200 day moving average is $40.06. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The stock has a market capitalization of $95.17 billion, a price-to-earnings ratio of 20.23, a PEG ratio of 4.14 and a beta of 0.93. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $44.13.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period in the prior year, the business earned $0.46 earnings per share. Equities research analysts forecast that Enbridge Inc. will post 2.03 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.13%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is currently 124.07%.

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.