Beacon Financial Group Lowers stake in Spectra Energy Corp. (SE)

Spectra Energy Corp. (SE) : Beacon Financial Group reduced its stake in Spectra Energy Corp. by 9.67% during the most recent quarter end. The investment management company now holds a total of 246,475 shares of Spectra Energy Corp. which is valued at $10,317,444 after selling 26,378 shares in Spectra Energy Corp. , the firm said in a disclosure report filed with the SEC on Oct 3, 2016.Spectra Energy Corp. makes up approximately 2.17% of Beacon Financial Group’s portfolio.

Other Hedge Funds, Including , Lvm Capital Management Ltdmi boosted its stake in SE in the latest quarter, The investment management firm added 2,209 additional shares and now holds a total of 7,758 shares of Spectra Energy Corp. which is valued at $324,750. Spectra Energy Corp. makes up approx 0.10% of Lvm Capital Management Ltdmi’s portfolio.

Spectra Energy Corp. closed down -0.61 points or -1.43% at $41.91 with 39,00,298 shares getting traded on Tuesday. Post opening the session at $42.61, the shares hit an intraday low of $41.63 and an intraday high of $42.66 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

On the company’s financial health, Spectra Energy Corp. reported $0.24 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Aug 3, 2016. Analyst had a consensus of $0.28. The company had revenue of $1159.00 million for the quarter, compared to analysts expectations of $1294.10 million. The company’s revenue was down -2.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.23 EPS.

Many Wall Street Analysts have commented on Spectra Energy Corp.. Spectra Energy Corp. was Downgraded by Argus to ” Hold” on Sep 26, 2016. Company shares were Downgraded by UBS on Sep 12, 2016 to ” Neutral”, Firm has raised the Price Target to $ 44 from a previous price target of $39 .Spectra Energy Corp. was Downgraded by Goldman to ” Neutral” on Sep 8, 2016.

Spectra Energy Corp is a natural gas infrastructure company. The Company owns and operates natural gas-related energy assets and a crude oil pipeline system connecting Canadian and the United States producers to refineries in the United States Rocky Mountain and Midwest regions. It operates in three areas of the natural gas industry: gathering and processing transmission and storage and distribution. It conducts its business in four segments: Spectra Energy Partners Distribution Western Canada Transmission & Processing and Field Services. It provides transmission and storage of natural gas to customers in various regions of the northeastern and southeastern United States the Maritime Provinces in Canada the Pacific Northwest in the United States and Canada and in the province of Ontario Canada. It also provides natural gas sales and distribution services to retail customers in Ontario and natural gas gathering and processing services to customers in western Canada.

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