Pinnacle Associates Ltd. Sells 6,452 Shares of Enbridge Inc. (NYSE:ENB)

Pinnacle Associates Ltd. lowered its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 7.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 85,239 shares of the pipeline company’s stock after selling 6,452 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Enbridge were worth $3,034,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Maryland State Retirement & Pension System raised its holdings in shares of Enbridge by 1.5% during the second quarter. Maryland State Retirement & Pension System now owns 2,707,761 shares of the pipeline company’s stock valued at $96,342,000 after acquiring an additional 39,662 shares in the last quarter. Hantz Financial Services Inc. bought a new position in shares of Enbridge during the second quarter valued at approximately $8,559,000. Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Enbridge during the second quarter valued at approximately $727,000. Signaturefd LLC raised its holdings in shares of Enbridge by 1.9% during the second quarter. Signaturefd LLC now owns 39,439 shares of the pipeline company’s stock valued at $1,404,000 after acquiring an additional 728 shares in the last quarter. Finally, KCM Investment Advisors LLC raised its holdings in shares of Enbridge by 5.9% during the second quarter. KCM Investment Advisors LLC now owns 9,094 shares of the pipeline company’s stock valued at $324,000 after acquiring an additional 509 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 1.6 %

Shares of Enbridge stock traded up $0.62 during midday trading on Friday, reaching $40.18. 4,767,545 shares of the company’s stock traded hands, compared to its average volume of 5,393,787. The stock has a 50 day moving average of $37.30 and a 200-day moving average of $36.15. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.59 and a current ratio of 0.68. The company has a market cap of $85.74 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 3.55 and a beta of 0.92. Enbridge Inc. has a 12 month low of $31.03 and a 12 month high of $40.32.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. The business had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. During the same quarter in the prior year, the company earned $0.51 earnings per share. As a group, equities analysts expect that Enbridge Inc. will post 2.12 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be issued a $0.669 dividend. The ex-dividend date is Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.66%. Enbridge’s dividend payout ratio (DPR) is 134.01%.

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.