Meridian Wealth Management LLC Lowers Stock Holdings in Enbridge Inc. (NYSE:ENB)

Meridian Wealth Management LLC reduced its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 10.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,765 shares of the pipeline company’s stock after selling 1,130 shares during the quarter. Meridian Wealth Management LLC’s holdings in Enbridge were worth $414,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. LGT Group Foundation grew its stake in shares of Enbridge by 0.5% in the 4th quarter. LGT Group Foundation now owns 260,660 shares of the pipeline company’s stock valued at $11,049,000 after purchasing an additional 1,240 shares during the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of Enbridge in the 4th quarter valued at approximately $1,405,000. Jones Financial Companies Lllp lifted its holdings in shares of Enbridge by 64.2% in the 4th quarter. Jones Financial Companies Lllp now owns 938,013 shares of the pipeline company’s stock valued at $39,800,000 after buying an additional 366,863 shares during the period. Modera Wealth Management LLC lifted its holdings in shares of Enbridge by 3.5% in the 4th quarter. Modera Wealth Management LLC now owns 12,573 shares of the pipeline company’s stock valued at $533,000 after buying an additional 429 shares during the period. Finally, SRS Capital Advisors Inc. lifted its holdings in shares of Enbridge by 138.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 1,959 shares of the pipeline company’s stock valued at $83,000 after buying an additional 1,138 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Performance

Shares of ENB stock opened at $42.60 on Thursday. The stock has a fifty day moving average price of $43.45 and a 200 day moving average price of $42.07. The stock has a market cap of $92.82 billion, a PE ratio of 24.76, a P/E/G ratio of 3.92 and a beta of 0.94. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $45.78. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.23. The firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same period in the previous year, the firm posted $0.64 earnings per share. Sell-side analysts forecast that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ENB shares. TD Securities started coverage on Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating for the company. Royal Bank of Canada raised their price target on Enbridge from $63.00 to $67.00 and gave the company an “outperform” rating in a report on Tuesday, February 18th. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Enbridge Company 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.