Spirit of America Management Corp NY Has $8.60 Million Holdings in Enbridge Inc. (NYSE:ENB)

Spirit of America Management Corp NY cut its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 202,627 shares of the pipeline company’s stock after selling 2,000 shares during the period. Enbridge makes up approximately 1.7% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 12th largest holding. Spirit of America Management Corp NY’s holdings in Enbridge were worth $8,597,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ENB. Swiss National Bank grew its stake in Enbridge by 3.2% in the third quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company’s stock valued at $267,935,000 after acquiring an additional 207,200 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Enbridge by 70.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company’s stock valued at $52,648,000 after acquiring an additional 536,818 shares during the period. Duff & Phelps Investment Management Co. grew its stake in Enbridge by 32.6% in the third quarter. Duff & Phelps Investment Management Co. now owns 1,302,132 shares of the pipeline company’s stock valued at $52,880,000 after acquiring an additional 319,907 shares during the period. Sound Income Strategies LLC grew its stake in Enbridge by 8.6% in the fourth quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company’s stock valued at $26,808,000 after acquiring an additional 49,800 shares during the period. Finally, Pinnacle Financial Partners Inc grew its stake in Enbridge by 8.8% in the third quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company’s stock valued at $7,650,000 after acquiring an additional 15,207 shares during the period. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Enbridge Stock Performance

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

Enbridge Cuts Dividend

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

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.