Portside Wealth Group LLC Buys 1,423 Shares of Enbridge Inc. (NYSE:ENB)

Portside Wealth Group LLC lifted its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,178 shares of the pipeline company’s stock after acquiring an additional 1,423 shares during the quarter. Portside Wealth Group LLC’s holdings in Enbridge were worth $1,226,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENB. TruNorth Capital Management LLC bought a new stake in Enbridge during the 2nd quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the second quarter valued at $28,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge during the first quarter valued at $29,000. Grove Bank & Trust raised its holdings in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares in the last quarter. Finally, MFA Wealth Advisors LLC lifted its stake in Enbridge by 55.6% in the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after acquiring an additional 280 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

ENB opened at $42.41 on Friday. The firm has a market capitalization of $92.36 billion, a PE ratio of 19.63, a price-to-earnings-growth ratio of 3.97 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.68. The business’s 50-day moving average is $40.82 and its two-hundred day moving average is $38.12. Enbridge Inc. has a 1 year low of $32.76 and a 1 year high of $42.61.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion for the quarter, compared to analysts’ expectations of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the business earned $0.46 EPS. Research analysts anticipate that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a $0.676 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. This represents a $2.70 annualized dividend and a yield of 6.38%. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s payout ratio is currently 122.22%.

Analysts Set New Price Targets

A number of research analysts have commented on ENB shares. Morgan Stanley started coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday. Finally, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th.

About Enbridge

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.