Sippican Capital Advisors raised its stake in shares of Enbridge Energy, L.P. (NYSE:EEP) by 2.6% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 28,920 shares of the pipeline company’s stock after buying an additional 730 shares during the period. Sippican Capital Advisors’ holdings in Enbridge Energy, L.P. were worth $463,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Comerica Bank boosted its position in Enbridge Energy, L.P. by 8.6% in the fourth quarter. Comerica Bank now owns 9,480 shares of the pipeline company’s stock valued at $243,000 after buying an additional 748 shares during the period. Hutner Capital Management Inc. boosted its position in Enbridge Energy, L.P. by 0.7% in the first quarter. Hutner Capital Management Inc. now owns 82,740 shares of the pipeline company’s stock valued at $1,572,000 after buying an additional 605 shares during the period. US Bancorp DE boosted its position in Enbridge Energy, L.P. by 15.8% in the first quarter. US Bancorp DE now owns 37,648 shares of the pipeline company’s stock valued at $715,000 after buying an additional 5,141 shares during the period. South Texas Money Management Ltd. acquired a new position in Enbridge Energy, L.P. during the first quarter valued at $243,000. Finally, PNC Financial Services Group Inc. boosted its position in Enbridge Energy, L.P. by 3.5% in the first quarter. PNC Financial Services Group Inc. now owns 259,439 shares of the pipeline company’s stock valued at $4,930,000 after buying an additional 8,707 shares during the period. 54.96% of the stock is currently owned by institutional investors.
Enbridge Energy, L.P. (NYSE:EEP) traded down 0.34% during midday trading on Friday, reaching $14.80. The company had a trading volume of 1,208,611 shares. Enbridge Energy, L.P. has a 52-week low of $14.60 and a 52-week high of $26.36. The company’s market cap is $6.22 billion. The company’s 50-day moving average is $15.82 and its 200 day moving average is $17.49.
Enbridge Energy, L.P. (NYSE:EEP) last posted its quarterly earnings results on Wednesday, August 2nd. The pipeline company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by $0.03. The company had revenue of $596.50 million during the quarter, compared to the consensus estimate of $601.82 million. Enbridge Energy, L.P. had a negative net margin of 4.34% and a positive return on equity of 6.68%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.22 earnings per share. On average, equities research analysts forecast that Enbridge Energy, L.P. will post $0.83 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be paid a $0.35 dividend. The ex-dividend date is Thursday, August 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 9.46%. Enbridge Energy, L.P.’s dividend payout ratio is -160.92%.
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EEP has been the topic of several research analyst reports. Zacks Investment Research cut Enbridge Energy, L.P. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 25th. BidaskClub cut Enbridge Energy, L.P. from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Wolfe Research started coverage on Enbridge Energy, L.P. in a research note on Friday, May 12th. They set a “market perform” rating and a $19.00 target price on the stock. J P Morgan Chase & Co reiterated a “neutral” rating and set a $17.00 price target on shares of Enbridge Energy, L.P. in a report on Friday, June 23rd. Finally, Mizuho reiterated a “neutral” rating and set a $19.00 price target (down from $22.00) on shares of Enbridge Energy, L.P. in a report on Wednesday, May 17th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $21.45.
About Enbridge Energy, L.P.
Enbridge Energy Partners, L.P is a geographically and operationally diversified organization that provides crude oil and liquid petroleum gathering; transportation and storage services, and natural gas gathering, treating, processing, marketing and transportation services in the Gulf Coast and mid-continent regions of the United States.
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