CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Lowers Position in Enbridge Inc. (NYSE:ENB)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its stake in shares of Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 45.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 306,665 shares of the pipeline company's stock after selling 256,030 shares during the quarter. Enbridge comprises 0.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 26th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings in Enbridge were worth $12,454,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. M&G Plc purchased a new position in shares of Enbridge during the first quarter worth about $152,843,000. Cibc World Market Inc. grew its holdings in shares of Enbridge by 12.8% during the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company's stock worth $1,157,802,000 after purchasing an additional 3,693,495 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Enbridge by 66.9% during the first quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company's stock worth $327,172,000 after purchasing an additional 3,624,089 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Enbridge by 11.3% during the first quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company's stock worth $818,370,000 after purchasing an additional 2,203,123 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its position in Enbridge by 3.9% in the 1st quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company's stock worth $1,325,982,000 after buying an additional 1,360,439 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Price Performance

NYSE:ENB traded down $0.09 during mid-day trading on Tuesday, reaching $41.46. The stock had a trading volume of 2,714,076 shares, compared to its average volume of 4,943,234. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. Enbridge Inc. has a one year low of $31.31 and a one year high of $42.16. The firm has a 50 day moving average price of $40.47 and a two-hundred day moving average price of $37.63. The stock has a market capitalization of $88.46 billion, a P/E ratio of 21.04, a P/E/G ratio of 3.94 and a beta of 0.93.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.13. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same quarter in the previous year, the company posted $0.51 earnings per share. As a group, analysts expect that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a dividend of $0.669 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.46%. Enbridge's payout ratio is 134.01%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded Enbridge from a "buy" rating to a "hold" rating in a research report on Monday, September 30th.

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.