NewEdge Advisors LLC Acquires 11,931 Shares of Enbridge Inc. (NYSE:ENB)

NewEdge Advisors LLC boosted its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 303,033 shares of the pipeline company’s stock after acquiring an additional 11,931 shares during the quarter. NewEdge Advisors LLC’s holdings in Enbridge were worth $10,785,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. TruNorth Capital Management LLC bought a new position in shares of Enbridge during the 2nd quarter valued at $28,000. Ameritas Investment Partners Inc. bought a new position in shares of Enbridge during the 1st quarter valued at $29,000. Richardson Financial Services Inc. bought a new position in shares of Enbridge during the 1st quarter valued at $31,000. PFS Partners LLC lifted its holdings in shares of Enbridge by 95.8% during the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after buying an additional 451 shares during the period. Finally, Northwest Bank & Trust Co bought a new position in shares of Enbridge during the 4th quarter valued at $34,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Down 0.3 %

NYSE:ENB opened at $40.61 on Tuesday. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a market capitalization of $86.65 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 3.93 and a beta of 0.94. Enbridge Inc. has a one year low of $31.03 and a one year high of $41.22. The business has a fifty day moving average price of $39.34 and a 200-day moving average price of $37.02.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.45 by $0.13. The firm had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same period in the prior year, the business posted $0.51 EPS. Sell-side analysts forecast that Enbridge Inc. will post 2.08 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.59%. Enbridge’s payout ratio is presently 134.01%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $51.50.

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.