Procyon Advisors LLC Buys 5,609 Shares of Enbridge Inc. (NYSE:ENB)

Procyon Advisors LLC raised its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 123,810 shares of the pipeline company’s stock after buying an additional 5,609 shares during the quarter. Procyon Advisors LLC’s holdings in Enbridge were worth $5,253,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the second quarter valued at approximately $28,000. McIlrath & Eck LLC boosted its holdings in shares of Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after buying an additional 295 shares during the last quarter. Grove Bank & Trust grew its position in Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares during the period. MFA Wealth Advisors LLC increased its holdings in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after buying an additional 280 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new position in Enbridge in the third quarter worth approximately $35,000. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent research reports. Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. TD Securities began coverage on Enbridge in a research note on Wednesday. They issued a “buy” rating on the stock. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. 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. Finally, Royal Bank of Canada restated an “outperform” rating and set a $63.00 price target (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.00.

Enbridge Stock Down 0.8 %

Shares of ENB opened at $43.98 on Friday. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The business has a fifty day moving average of $42.68 and a 200 day moving average of $40.45. The company has a market cap of $95.79 billion, a PE ratio of 20.36, a P/E/G ratio of 4.00 and a beta of 0.93. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $44.74.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The business had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same period in the prior year, the firm posted $0.46 earnings per share. On average, sell-side analysts expect that Enbridge Inc. will post 1.97 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.09%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

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.