Bartlett & CO. Wealth Management LLC Reduces Stock Holdings in Enbridge Inc. (NYSE:ENB)

Bartlett & CO. Wealth Management LLC lessened its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 8.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,868 shares of the pipeline company’s stock after selling 10,310 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Enbridge were worth $4,424,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Grove Bank & Trust grew its holdings in 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 buying an additional 279 shares during the last quarter. TruNorth Capital Management LLC purchased a new stake in Enbridge in the 2nd quarter worth approximately $28,000. William B. Walkup & Associates Inc. acquired a new position in Enbridge in the 2nd quarter valued at $28,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge during the 1st quarter worth $29,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Enbridge during the first quarter worth $31,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Performance

Shares of ENB stock opened at $41.98 on Friday. The firm has a market capitalization of $89.58 billion, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The company has a 50 day moving average price of $40.38 and a 200 day moving average price of $37.54. Enbridge Inc. has a one year low of $31.31 and a one year high of $42.03. 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 (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. During the same period last year, the company posted $0.51 EPS. Sell-side analysts anticipate that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.37%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

Analyst Upgrades and Downgrades

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

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.