Busey Bank Lowers Position in Enbridge Inc. (NYSE:ENB)

Busey Bank trimmed its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 14.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,601 shares of the pipeline company’s stock after selling 1,457 shares during the period. Busey Bank’s holdings in Enbridge were worth $365,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ENB. McIlrath & Eck LLC increased its holdings in shares of Enbridge by 74.9% in the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after buying an additional 295 shares during the last quarter. Albion Financial Group UT purchased a new stake in Enbridge during the fourth quarter valued at about $29,000. Grove Bank & Trust lifted its stake in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the last quarter. MFA Wealth Advisors LLC boosted its holdings in shares of Enbridge by 55.6% in the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new position in shares of Enbridge during the 3rd quarter valued at about $35,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. 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 raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Morgan Stanley started coverage on shares of Enbridge in a research report on Friday, October 25th. They issued an “equal weight” rating on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $63.00.

Enbridge Stock Performance

NYSE:ENB opened at $44.45 on Friday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. Enbridge Inc. has a fifty-two week low of $32.85 and a fifty-two week high of $45.78. The firm has a market cap of $96.82 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 4.15 and a beta of 0.93. The business has a 50 day moving average price of $43.09 and a 200-day moving average price of $41.08.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The business had revenue of $10.91 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same quarter in the prior year, the company posted $0.46 EPS. Equities research analysts predict that Enbridge Inc. will post 1.97 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders 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 dividend on an annualized basis and a dividend yield of 6.03%. Enbridge’s dividend payout ratio is currently 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.