Heritage Wealth Management Inc. Makes New $415,000 Investment in Enbridge Inc. (NYSE:ENB)

Heritage Wealth Management Inc. bought a new position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 11,655 shares of the pipeline company’s stock, valued at approximately $415,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Enbridge by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock valued at $3,049,268,000 after acquiring an additional 1,227,031 shares in the last quarter. TD Asset Management Inc grew its holdings in shares of Enbridge by 0.9% in the 1st quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock valued at $1,377,708,000 after acquiring an additional 337,729 shares in the last quarter. 1832 Asset Management L.P. grew its holdings in shares of Enbridge by 3.9% in the 1st quarter. 1832 Asset Management L.P. now owns 36,649,579 shares of the pipeline company’s stock valued at $1,325,982,000 after acquiring an additional 1,360,439 shares in the last quarter. Cibc World Market Inc. grew its holdings in shares of Enbridge by 12.8% in the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after acquiring an additional 3,693,495 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Enbridge by 3.7% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after acquiring an additional 827,540 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.2 %

Enbridge stock opened at $41.05 on Thursday. Enbridge Inc. has a 52 week low of $31.03 and a 52 week high of $41.35. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The stock has a market capitalization of $87.60 billion, a P/E ratio of 20.84, a PEG ratio of 3.93 and a beta of 0.94. The stock has a 50-day simple moving average of $39.52 and a 200 day simple moving average of $37.09.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the prior year, the business earned $0.51 EPS. Analysts expect that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a dividend of $0.669 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.52%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

Wall Street Analysts Forecast Growth

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

Enbridge Company 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.