Toronto Dominion Bank Sells 1,262,786 Shares of Enbridge Inc. (NYSE:ENB)

Toronto Dominion Bank cut its holdings in shares of Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 6.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,440,637 shares of the pipeline company's stock after selling 1,262,786 shares during the quarter. Enbridge comprises 1.2% of Toronto Dominion Bank's investment portfolio, making the stock its 15th largest holding. Toronto Dominion Bank owned approximately 0.80% of Enbridge worth $708,264,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Grove Bank & Trust raised its stake in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company's stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. MFA Wealth Advisors LLC raised its stake in shares of Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company's stock valued at $32,000 after purchasing an additional 280 shares in the last quarter. TruNorth Capital Management LLC acquired a new position in shares of Enbridge in the second quarter valued at $28,000. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge in the second quarter valued at $28,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Enbridge in the third quarter valued at $35,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of recent research reports. Wells Fargo & Company upgraded Enbridge from an "underweight" rating to an "equal weight" rating in a research note on Wednesday, November 6th. Morgan Stanley started coverage on Enbridge in a research report on Friday, October 25th. They issued an "equal weight" rating on the stock. Jefferies Financial Group cut Enbridge from a "buy" rating to a "hold" rating in a research report on Monday, September 30th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $63.00 price target (up from $59.00) on shares of Enbridge in a research report on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $63.00.

Enbridge Price Performance

Shares of ENB stock traded up $0.13 during trading hours on Wednesday, hitting $42.44. 1,594,142 shares of the company's stock were exchanged, compared to its average volume of 4,852,603. The stock's 50-day moving average is $41.95 and its 200-day moving average is $39.21. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The stock has a market cap of $92.44 billion, a price-to-earnings ratio of 19.69, a price-to-earnings-growth ratio of 4.26 and a beta of 0.94. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $44.13.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.40 by $0.15. The company had revenue of $10.91 billion for the quarter, compared to analysts' expectations of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same quarter in the prior year, the business earned $0.46 earnings per share. As a group, research analysts forecast that Enbridge Inc. will post 2.03 EPS for the current year.

Enbridge Cuts Dividend

The company 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 6.32%. The ex-dividend date is Friday, February 14th. Enbridge's dividend payout ratio is 121.76%.

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.