Principal Financial Group Inc. Grows Stock Holdings in Enbridge Inc. (NYSE:ENB)

Principal Financial Group Inc. grew its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 151.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 43,461 shares of the pipeline company’s stock after acquiring an additional 26,185 shares during the quarter. Principal Financial Group Inc.’s holdings in Enbridge were worth $1,572,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Silicon Valley Capital Partners bought a new position in Enbridge during the 1st quarter worth about $55,000. Phillips Wealth Planners LLC acquired a new stake in shares of Enbridge during the 1st quarter worth approximately $221,000. Groesbeck Investment Management Corp NJ acquired a new stake in Enbridge in the 1st quarter valued at $441,000. Foster Victor Wealth Advisors LLC grew its stake in Enbridge by 7.0% in the 1st quarter. Foster Victor Wealth Advisors LLC now owns 164,971 shares of the pipeline company’s stock valued at $5,700,000 after acquiring an additional 10,809 shares during the period. Finally, Signature Wealth Management Partners LLC boosted its stake in Enbridge by 27.2% during the 1st quarter. Signature Wealth Management Partners LLC now owns 9,827 shares of the pipeline company’s stock worth $356,000 after purchasing an additional 2,100 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.4 %

ENB traded down $0.15 on Friday, hitting $35.74. The company had a trading volume of 1,020,629 shares, compared to its average volume of 5,623,989. The firm has a market cap of $76.27 billion, a P/E ratio of 18.15, a PEG ratio of 3.36 and a beta of 0.92. The company has a current ratio of 0.68, a quick ratio of 0.59 and a debt-to-equity ratio of 1.35. The company’s fifty day moving average price is $36.01 and its 200 day moving average price is $35.64. Enbridge Inc. has a 1 year low of $31.03 and a 1 year high of $38.37.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.09. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. The firm had revenue of $8.19 billion during the quarter, compared to the consensus estimate of $9 billion. As a group, equities analysts expect that Enbridge Inc. will post 2.13 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th were given a $0.677 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date was Tuesday, May 14th. This represents a $2.71 annualized dividend and a yield of 7.58%. Enbridge’s dividend payout ratio is presently 136.04%.

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.