Truist Financial Corp Lowers Stock Position in Enbridge Inc. (NYSE:ENB)

Truist Financial Corp reduced its holdings in shares of Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 1.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 889,977 shares of the pipeline company's stock after selling 13,378 shares during the period. Truist Financial Corp's holdings in Enbridge were worth $37,762,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swiss National Bank grew its position in Enbridge by 3.2% during the third quarter. Swiss National Bank now owns 6,585,231 shares of the pipeline company's stock valued at $267,935,000 after acquiring an additional 207,200 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Enbridge by 70.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 1,296,374 shares of the pipeline company's stock valued at $52,648,000 after acquiring an additional 536,818 shares during the last quarter. Duff & Phelps Investment Management Co. grew its position in Enbridge by 32.6% during the third quarter. Duff & Phelps Investment Management Co. now owns 1,302,132 shares of the pipeline company's stock valued at $52,880,000 after acquiring an additional 319,907 shares during the last quarter. Sound Income Strategies LLC grew its position in Enbridge by 8.6% during the fourth quarter. Sound Income Strategies LLC now owns 631,820 shares of the pipeline company's stock valued at $26,808,000 after acquiring an additional 49,800 shares during the last quarter. Finally, Pinnacle Financial Partners Inc grew its position in Enbridge by 8.8% during the third quarter. Pinnacle Financial Partners Inc now owns 188,244 shares of the pipeline company's stock valued at $7,650,000 after acquiring an additional 15,207 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Royal Bank of Canada increased their price target on shares of Enbridge from $63.00 to $67.00 and gave the company an "outperform" rating in a research report on Tuesday. TD Securities started coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a "buy" rating on the stock. Wells Fargo & Company upgraded shares of Enbridge from an "underweight" rating to an "equal weight" rating in a report on Wednesday, November 6th. Finally, Morgan Stanley started coverage on shares of Enbridge in a report on Friday, October 25th. They issued an "equal weight" rating on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Enbridge presently has an average rating of "Hold" and a consensus target price of $67.00.

Enbridge Trading Down 0.6 %

Shares of Enbridge stock traded down $0.25 on Friday, hitting $41.74. The stock had a trading volume of 6,521,927 shares, compared to its average volume of 4,245,049. The stock has a market cap of $90.94 billion, a price-to-earnings ratio of 24.26, a PEG ratio of 3.92 and a beta of 0.94. The stock's 50-day simple moving average is $43.35 and its two-hundred day simple moving average is $41.89. Enbridge Inc. has a one year low of $32.85 and a one year high of $45.78. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.23. The business had revenue of $11.59 billion for the quarter, compared to analysts' expectations of $4.78 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, sell-side analysts predict that Enbridge Inc. will post 2.14 EPS for the current year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 6.42%. The ex-dividend date is Friday, February 14th. Enbridge's dividend payout ratio (DPR) is currently 155.81%.

Enbridge Company 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.