Trending Stocks: Xerox, LyondellBasell, Enbridge, and 2 More

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Enbridge Posts Second Quarter Results

Enbridge Inc (USA) (NYSE:ENB)’s stock is slightly up today after the company reported its second quarter results. The Canadian energy distribution company earned $0.50 per share, easily beating the forecasts of $0.39 per share. The company said in a statement that oil production that was halted due to the wildfires in Alberta, Canada, has “substantially” returned to normal.  Enbridge suffered a 47.8% loss in profits during the quarter, mainly due to the aforementioned wildfires. A total of 16 of the hedge funds tracked by us were bullish on Enbridge Inc (NYSE:ENB) at the end of the first quarter, down from 20 hedge funds a quarter earlier.

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Phillips 66 Posts Mixed Results

Phillips 66 (NYSE:PSX) has dipped by 2.66% this morning despite its second quarter earnings beating analysts’ estimates. The Texas-based energy company reported adjusted EPS of $0.94, beating the $0.93 consensus mark. However, the company’s quarterly revenue of $22.31 billion was well below the $25.52 billion anticipated by analysts. Phillip 66’s CEO Greg Garland said in a statement that the company delivered industry-leading safety performance in the quarter. Mr. Garland added that utilization rates of refining reached record highs and chemicals completed a major turnaround in the quarter. As of the end of the first quarter, 34 hedge funds in our system owned shares of Phillips 66 (NYSE:PSX).

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Merck & Co Powers Past Estimates, Reports Increase in Dividend

Merck & Co., Inc. (NYSE:MRK)’s stock has gained a little less than 1% today after the company reported second quarter EPS of $0.93 on $9.84 billion in revenue, topping the consensus estimates of $0.91 in EPS on $9.78 billion in revenue. For the full fiscal year, the pharmaceutical company expects EPS of $3.67-to-$3.77, in-line with the consensus target of $3.72. The company also reported a 1% increase to its quarterly dividend, driven by higher sales of its cancer drug, Keytruda. Out of 766 active hedge funds tracked by Insider Monkey, 70 funds were long Merck & Co., Inc. (NYSE:MRK) at the end of March .

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