Scheer Rowlett & Associates Investment Management Ltd. Sells 7,460 Shares of Enbridge Inc. (NYSE:ENB)

Scheer Rowlett & Associates Investment Management Ltd. decreased its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 838,313 shares of the pipeline company’s stock after selling 7,460 shares during the period. Enbridge accounts for about 2.4% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 18th biggest position. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Enbridge were worth $34,050,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new stake in Enbridge in the second quarter worth about $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge in the second quarter worth about $28,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge in the first quarter worth about $29,000. Grove Bank & Trust grew its stake in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. Finally, MFA Wealth Advisors LLC grew its stake in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 280 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

ENB traded down $0.28 during trading on Wednesday, reaching $42.70. 456,185 shares of the company traded hands, compared to its average volume of 4,849,209. The firm has a fifty day simple moving average of $41.23 and a 200 day simple moving average of $38.56. Enbridge Inc. has a 12-month low of $32.85 and a 12-month high of $43.31. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The company has a market cap of $93.00 billion, a P/E ratio of 19.88, a PEG ratio of 4.10 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data 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 return on equity of 9.94% and a net margin of 13.54%. The firm had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities analysts forecast that Enbridge Inc. will post 2.06 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a dividend of $0.676 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.33%. Enbridge’s dividend payout ratio (DPR) is 121.76%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ENB shares. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley assumed coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th.

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.