QV Investors Inc. Grows Holdings in Enbridge Inc. (NYSE:ENB)

QV Investors Inc. boosted its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 12.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,558,557 shares of the pipeline company’s stock after buying an additional 177,470 shares during the quarter. Enbridge makes up approximately 5.6% of QV Investors Inc.’s investment portfolio, making the stock its 3rd largest position. QV Investors Inc. owned 0.07% of Enbridge worth $63,383,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. First PREMIER Bank grew its position in shares of Enbridge by 1.7% in the 3rd quarter. First PREMIER Bank now owns 15,534 shares of the pipeline company’s stock valued at $631,000 after buying an additional 257 shares during the last quarter. Grove Bank & Trust increased its position in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 shares during the period. Rockwood Wealth Management LLC raised its holdings in Enbridge by 2.6% during the 2nd quarter. Rockwood Wealth Management LLC now owns 11,107 shares of the pipeline company’s stock worth $395,000 after purchasing an additional 285 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Enbridge by 3.7% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 8,269 shares of the pipeline company’s stock worth $294,000 after purchasing an additional 298 shares during the period. Finally, Nations Financial Group Inc. IA ADV boosted its stake in shares of Enbridge by 1.7% in the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 18,237 shares of the pipeline company’s stock valued at $649,000 after purchasing an additional 298 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Jefferies Financial Group downgraded shares of 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 issued a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $51.50.

Enbridge Stock Performance

Shares of ENB stock opened at $41.30 on Wednesday. The firm has a 50 day moving average of $40.18 and a 200-day moving average of $37.42. The company has a market cap of $88.12 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $41.35.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly 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. The business had revenue of $8.29 billion during the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period last year, the company posted $0.51 earnings per share. On average, equities analysts forecast that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

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

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.