5,247 Shares in Enbridge Inc. (NYSE:ENB) Bought by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 5,247 shares of the pipeline company’s stock, valued at approximately $213,000.

Several other hedge funds also recently modified their holdings of the company. TruNorth Capital Management LLC bought a new stake in shares of Enbridge in the second quarter worth $28,000. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge during the 2nd quarter valued at $28,000. Grove Bank & Trust boosted its position in shares of Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. MFA Wealth Advisors LLC boosted its holdings 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 in the last quarter. Finally, Fortitude Family Office LLC bought a new position in shares of Enbridge in the 3rd quarter worth $35,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Down 0.7 %

Shares of ENB opened at $42.97 on Tuesday. The firm has a market cap of $93.58 billion, a P/E ratio of 19.89, a P/E/G ratio of 4.21 and a beta of 0.93. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $43.70. The stock has a 50 day simple moving average of $41.43 and a two-hundred day simple moving average of $38.73. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 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 analysts’ expectations 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 previous year, the firm earned $0.46 EPS. On average, analysts forecast that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be issued a $0.676 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.70 annualized dividend and a yield of 6.29%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is 121.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Morgan Stanley initiated coverage on Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating for the company. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th.

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.