Guinness Asset Management LTD Sells 48,654 Shares of Enbridge Inc. (NYSE:ENB)

Guinness Asset Management LTD trimmed its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 14.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 295,354 shares of the pipeline company’s stock after selling 48,654 shares during the quarter. Guinness Asset Management LTD’s holdings in Enbridge were worth $11,994,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Priebe Wealth Holdings LLC purchased a new stake in shares of Enbridge in the third quarter worth about $203,000. Valeo Financial Advisors LLC purchased a new stake in Enbridge in the 3rd quarter worth approximately $230,000. Northwest Bank & Trust Co boosted its holdings in Enbridge by 58.9% in the 3rd quarter. Northwest Bank & Trust Co now owns 1,516 shares of the pipeline company’s stock valued at $62,000 after purchasing an additional 562 shares during the period. Advocate Group LLC grew its position in shares of Enbridge by 4.3% during the 3rd quarter. Advocate Group LLC now owns 242,826 shares of the pipeline company’s stock valued at $9,861,000 after purchasing an additional 9,953 shares in the last quarter. Finally, Sanders Morris Harris LLC bought a new position in shares of Enbridge in the third quarter worth $207,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of NYSE ENB traded up $0.19 during trading hours on Friday, reaching $41.07. 2,390,614 shares of the stock traded hands, compared to its average volume of 5,023,815. The company has a market capitalization of $87.64 billion, a P/E ratio of 20.86, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The company’s 50-day simple moving average is $40.05 and its two-hundred day simple moving average is $37.33. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. Enbridge Inc. has a 52-week low of $31.31 and a 52-week high of $41.35.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.13. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period in the previous year, the business posted $0.51 EPS. Equities research analysts forecast that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.52%. Enbridge’s dividend payout ratio (DPR) is currently 134.01%.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.50.

Enbridge 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.