Apollon Wealth Management LLC Purchases 692 Shares of Enbridge Inc. (NYSE:ENB)

Apollon Wealth Management LLC grew its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 1.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,210 shares of the pipeline company’s stock after acquiring an additional 692 shares during the quarter. Apollon Wealth Management LLC’s holdings in Enbridge were worth $1,787,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Meridian Investment Counsel Inc. boosted its holdings in Enbridge by 6.4% in the second quarter. Meridian Investment Counsel Inc. now owns 6,261 shares of the pipeline company’s stock worth $223,000 after acquiring an additional 374 shares in the last quarter. MONECO Advisors LLC bought a new stake in Enbridge in the second quarter worth $435,000. Stokes Capital Advisors LLC boosted its holdings in Enbridge by 7.8% in the second quarter. Stokes Capital Advisors LLC now owns 103,076 shares of the pipeline company’s stock worth $3,668,000 after acquiring an additional 7,478 shares in the last quarter. Boomfish Wealth Group LLC boosted its holdings in Enbridge by 5.0% in the second quarter. Boomfish Wealth Group LLC now owns 37,658 shares of the pipeline company’s stock worth $1,340,000 after acquiring an additional 1,799 shares in the last quarter. Finally, TCW Group Inc. boosted its holdings in Enbridge by 41.6% in the second quarter. TCW Group Inc. now owns 158,753 shares of the pipeline company’s stock worth $5,650,000 after acquiring an additional 46,627 shares in the last quarter. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Shares of NYSE:ENB traded up $0.43 during midday trading on Monday, reaching $39.13. 8,154,275 shares of the company’s stock traded hands, compared to its average volume of 5,470,416. The company has a market cap of $83.50 billion, a price-to-earnings ratio of 19.86, a P/E/G ratio of 3.55 and a beta of 0.92. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.59 and a current ratio of 0.68. Enbridge Inc. has a one year low of $31.03 and a one year high of $39.72. The stock has a 50 day moving average of $36.43 and a 200 day moving average of $35.85.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The firm had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. During the same period in the prior year, the company posted $0.51 earnings per share. As a group, equities research analysts anticipate that Enbridge Inc. will post 2.12 EPS for the current fiscal year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th will be given a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.84%. The ex-dividend date is Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

About Enbridge

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.