Hennessy Advisors Inc. Has $21.48 Million Stock Position in Enbridge Inc. (NYSE:ENB)

Hennessy Advisors Inc. cut its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 593,765 shares of the pipeline company’s stock after selling 34,600 shares during the quarter. Hennessy Advisors Inc.’s holdings in Enbridge were worth $21,482,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Canoe Financial LP raised its position in shares of Enbridge by 80,631.1% in the fourth quarter. Canoe Financial LP now owns 33,460,611 shares of the pipeline company’s stock valued at $1,205,251,000 after purchasing an additional 33,419,164 shares during the period. Wellington Management Group LLP increased its position in Enbridge by 630.3% during the 3rd quarter. Wellington Management Group LLP now owns 32,531,108 shares of the pipeline company’s stock worth $1,083,938,000 after buying an additional 28,076,386 shares during the period. Norges Bank bought a new position in Enbridge during the fourth quarter worth about $714,662,000. TD Asset Management Inc raised its stake in Enbridge by 24.9% in the 4th quarter. TD Asset Management Inc now owns 37,749,760 shares of the pipeline company’s stock worth $1,365,583,000 after purchasing an additional 7,536,678 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Enbridge by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 81,491,857 shares of the pipeline company’s stock valued at $2,704,715,000 after purchasing an additional 4,400,848 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of ENB traded up $0.19 during mid-day trading on Friday, hitting $35.45. 2,476,933 shares of the company’s stock were exchanged, compared to its average volume of 5,696,413. The firm has a market cap of $75.65 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 3.31 and a beta of 0.90. The company has a quick ratio of 0.59, a current ratio of 0.68 and a debt-to-equity ratio of 1.35. The stock’s 50-day simple moving average is $35.97 and its 200-day simple moving average is $35.62. Enbridge Inc. has a 52 week low of $31.03 and a 52 week high of $38.37.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.09. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. The company had revenue of $8.19 billion during the quarter, compared to analysts’ expectations of $9 billion. On average, equities research analysts expect that Enbridge Inc. will post 2.13 EPS for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, June 1st. Investors of record on Wednesday, May 15th were issued a $0.677 dividend. The ex-dividend date was Tuesday, May 14th. This is a boost from Enbridge’s previous quarterly dividend of $0.66. This represents a $2.71 annualized dividend and a yield of 7.64%. Enbridge’s dividend payout ratio is presently 136.04%.

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.