Summit Asset Management LLC Takes $205,000 Position in Enbridge Inc. (NYSE:ENB)

Summit Asset Management LLC acquired a new stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,830 shares of the pipeline company’s stock, valued at approximately $205,000.

A number of other large investors have also recently made changes to their positions in the stock. Private Advisor Group LLC boosted its holdings in Enbridge by 18.2% in the third quarter. Private Advisor Group LLC now owns 122,489 shares of the pipeline company’s stock valued at $4,974,000 after purchasing an additional 18,891 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Enbridge by 734.1% in the third quarter. International Assets Investment Management LLC now owns 891,403 shares of the pipeline company’s stock valued at $36,200,000 after purchasing an additional 784,535 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Enbridge by 19.8% in the third quarter. Assenagon Asset Management S.A. now owns 75,098 shares of the pipeline company’s stock valued at $3,054,000 after purchasing an additional 12,431 shares during the last quarter. Ballentine Partners LLC boosted its holdings in Enbridge by 3.3% in the third quarter. Ballentine Partners LLC now owns 10,342 shares of the pipeline company’s stock valued at $420,000 after purchasing an additional 329 shares during the last quarter. Finally, Highland Capital Management LLC purchased a new stake in Enbridge in the third quarter valued at $205,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.6 %

ENB opened at $41.74 on Friday. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $45.78. The company has a quick ratio of 0.54, a current ratio of 0.55 and a debt-to-equity ratio of 1.50. The company has a 50-day moving average price of $43.35 and a 200 day moving average price of $41.89. The company has a market cap of $90.94 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.23. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. The firm had revenue of $11.59 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the firm earned $0.64 EPS. Sell-side analysts expect that Enbridge Inc. will post 2.14 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be given a dividend of $0.67 per share. The ex-dividend date is Friday, February 14th. This represents a $2.68 annualized dividend and a dividend yield of 6.42%. Enbridge’s dividend payout ratio (DPR) is presently 155.81%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ENB shares. TD Securities initiated coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Royal Bank of Canada increased their target price on shares of Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 18th. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Enbridge has an average rating of “Hold” and a consensus price target of $67.00.

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.