Montecito Bank & Trust reduced its holdings in shares of Enbridge Inc. (NYSE:ENB – Get Rating) (TSE:ENB) by 2.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,538 shares of the pipeline company's stock after selling 900 shares during the period. Montecito Bank & Trust's holdings in Enbridge were worth $1,702,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of ENB. Burleson & Company LLC lifted its position in Enbridge by 428.6% during the 3rd quarter. Burleson & Company LLC now owns 740 shares of the pipeline company's stock valued at $27,000 after acquiring an additional 600 shares during the period. McClarren Financial Advisors Inc. purchased a new position in Enbridge in the third quarter worth about $29,000. TFC Financial Management purchased a new position in Enbridge in the third quarter worth about $30,000. EdgeRock Capital LLC purchased a new position in Enbridge in the third quarter worth about $32,000. Finally, Retirement Financial Solutions LLC purchased a new position in Enbridge in the fourth quarter worth about $37,000. 49.25% of the stock is owned by hedge funds and other institutional investors.
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Shares of ENB traded up $0.92 during mid-day trading on Wednesday, hitting $37.65. 1,713,206 shares of the company traded hands, compared to its average volume of 3,672,790. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.49 and a current ratio of 0.60. The stock has a 50-day moving average price of $38.98 and a two-hundred day moving average price of $39.30. Enbridge Inc. has a 1 year low of $35.02 and a 1 year high of $47.67. The stock has a market cap of $76.24 billion, a price-to-earnings ratio of 36.37, a P/E/G ratio of 2.69 and a beta of 0.83.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the stock. Credit Suisse Group raised shares of Enbridge from an "underperform" rating to a "neutral" rating in a report on Wednesday. National Bank Financial lifted their target price on shares of Enbridge from C$54.00 to C$56.00 in a report on Friday, January 27th. StockNews.com initiated coverage on shares of Enbridge in a report on Thursday, March 16th. They set a "hold" rating for the company. Finally, BMO Capital Markets cut shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Tuesday, January 24th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $59.00.
About Enbridge
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Enbridge, Inc engages in the provision of gas and oil. It operates through the following segments: Liquid Pipelines, Gas Distribution and Storage, Gas Transmission and Midstream, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment consists of common carrier and contract crude oil, natural gas liquids and refined products pipelines and terminals in Canada and the U.S., including Canadian Mainline, Regional Oil Sands System, Southern Lights Pipeline, Spearhead Pipeline, Seaway Crude Pipeline interest, and other feeder pipelines.
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