Gabelli Funds LLC Trims Position in Enbridge Inc. (NYSE:ENB)

Gabelli Funds LLC trimmed its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 800,400 shares of the pipeline company’s stock after selling 1,000 shares during the period. Gabelli Funds LLC’s holdings in Enbridge were worth $33,961,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Morse Asset Management Inc bought a new position in shares of Enbridge during the 3rd quarter worth $106,000. Barclays PLC increased its position in Enbridge by 8.3% during the 3rd quarter. Barclays PLC now owns 584,020 shares of the pipeline company’s stock valued at $23,717,000 after purchasing an additional 44,675 shares during the period. Coldstream Capital Management Inc. bought a new stake in shares of Enbridge in the 3rd quarter valued at about $203,000. McIlrath & Eck LLC boosted its stake in shares of Enbridge by 74.9% during the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 295 shares in the last quarter. Finally, Passumpsic Savings Bank increased its holdings in Enbridge by 2.4% during the third quarter. Passumpsic Savings Bank now owns 11,575 shares of the pipeline company’s stock valued at $470,000 after buying an additional 276 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Citigroup began coverage on Enbridge in a research report on Friday, April 4th. They set a “buy” rating on the stock. TD Securities assumed coverage on Enbridge in a research note on Wednesday, January 15th. They issued a “buy” rating on the stock. Royal Bank of Canada lifted their price objective on shares of Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 18th. Finally, CIBC restated an “outperform” rating on shares of Enbridge in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $67.00.

Enbridge Stock Up 1.7 %

ENB stock opened at $43.99 on Tuesday. 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 Inc. has a 52 week low of $32.86 and a 52 week high of $46.12. The stock has a market capitalization of $95.86 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 3.92 and a beta of 0.80. The firm has a 50 day moving average of $43.14 and a 200 day moving average of $42.69.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The company had revenue of $11.59 billion during the quarter, compared to analyst estimates of $4.78 billion. Enbridge had a return on equity of 10.16% and a net margin of 10.04%. During the same quarter last year, the business posted $0.64 EPS. Sell-side analysts forecast that Enbridge Inc. will post 2.14 earnings per share for the current year.

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.