Spirit of America Management Corp NY decreased its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 16.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 407,895 shares of the pipeline company’s stock after selling 82,500 shares during the quarter. Enbridge accounts for approximately 2.2% of Spirit of America Management Corp NY’s holdings, making the stock its 12th largest position. Spirit of America Management Corp NY’s holdings in Enbridge were worth $14,790,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in ENB. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Enbridge by 23.4% during the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 101,894 shares of the pipeline company’s stock valued at $3,691,000 after buying an additional 19,321 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new position in Enbridge during the first quarter valued at about $73,000. Allred Capital Management LLC bought a new position in Enbridge during the first quarter valued at about $215,000. TIAA FSB boosted its stake in Enbridge by 13.9% during the first quarter. TIAA FSB now owns 33,141 shares of the pipeline company’s stock valued at $1,202,000 after buying an additional 4,039 shares in the last quarter. Finally, Landsberg Bennett & Dubbaneh LLC boosted its stake in Enbridge by 23.3% during the first quarter. Landsberg Bennett & Dubbaneh LLC now owns 11,225 shares of the pipeline company’s stock valued at $414,000 after buying an additional 2,121 shares in the last quarter. 56.43% of the stock is owned by institutional investors.
Several research analysts recently weighed in on ENB shares. Zacks Investment Research cut Enbridge from a “hold” rating to a “strong sell” rating in a research note on Monday, December 31st. Wolfe Research raised Enbridge from a “market perform” rating to an “outperform” rating in a research note on Monday, January 7th. CIBC reaffirmed a “buy” rating and set a $57.00 target price on shares of Enbridge in a research note on Tuesday, January 15th. Macquarie started coverage on Enbridge in a research note on Thursday, January 24th. They set an “outperform” rating for the company. Finally, ValuEngine raised Enbridge from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $46.46.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, February 15th. The pipeline company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.45 by $0.04. Enbridge had a return on equity of 8.72% and a net margin of 5.64%. The business had revenue of $8.75 billion during the quarter, compared to the consensus estimate of $12.27 billion. During the same period in the prior year, the business posted $0.61 earnings per share. As a group, sell-side analysts expect that Enbridge Inc will post 1.72 EPS for the current fiscal year.
In other news, insider Allen C. Capps sold 6,514 shares of the company’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $37.02, for a total transaction of $241,148.28. Following the completion of the sale, the insider now directly owns 3,437 shares of the company’s stock, valued at $127,237.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Albert Monaco bought 7,806 shares of Enbridge stock in a transaction dated Tuesday, March 5th. The shares were bought at an average cost of $49.33 per share, with a total value of $385,069.98. The disclosure for this purchase can be found here. Corporate insiders own 0.42% of the company’s stock.
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Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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