Grove Bank & Trust Acquires 279 Shares of Enbridge Inc. (NYSE:ENB)

Grove Bank & Trust boosted its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 56.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 771 shares of the pipeline company’s stock after purchasing an additional 279 shares during the quarter. Grove Bank & Trust’s holdings in Enbridge were worth $31,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. M&G Plc bought a new position in shares of Enbridge during the first quarter worth $152,843,000. Cibc World Market Inc. grew its position in shares of Enbridge by 12.8% during the second quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock valued at $1,157,802,000 after purchasing an additional 3,693,495 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Enbridge by 66.9% in the first quarter. Canada Pension Plan Investment Board now owns 9,044,864 shares of the pipeline company’s stock worth $327,172,000 after purchasing an additional 3,624,089 shares during the last quarter. National Bank of Canada FI increased its holdings in shares of Enbridge by 11.3% in the first quarter. National Bank of Canada FI now owns 21,664,748 shares of the pipeline company’s stock worth $818,370,000 after purchasing an additional 2,203,123 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its stake in Enbridge by 3.9% during the first 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 buying an additional 1,360,439 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Up 0.4 %

Shares of NYSE:ENB opened at $41.30 on Wednesday. The company has a market cap of $88.12 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a 12 month low of $31.31 and a 12 month high of $41.35. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The company has a 50-day moving average price of $40.18 and a 200 day moving average price of $37.42.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, topping 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 firm had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the previous year, the business earned $0.51 EPS. As a group, equities research analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. This represents a $2.68 annualized dividend and a dividend yield of 6.48%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio is currently 134.01%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.