Summit Financial Wealth Advisors LLC Purchases New Holdings in Enbridge Inc. (NYSE:ENB)

Summit Financial Wealth Advisors LLC bought a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 5,247 shares of the pipeline company’s stock, valued at approximately $213,000.

Other institutional investors also recently bought and sold shares of the company. Janus Henderson Group PLC increased its holdings in Enbridge by 2.1% in the 1st quarter. Janus Henderson Group PLC now owns 215,629 shares of the pipeline company’s stock worth $7,800,000 after buying an additional 4,400 shares in the last quarter. Ancora Advisors LLC lifted its position in shares of Enbridge by 3.5% in the first quarter. Ancora Advisors LLC now owns 65,479 shares of the pipeline company’s stock valued at $2,369,000 after acquiring an additional 2,241 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in Enbridge by 6.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 88,752 shares of the pipeline company’s stock worth $2,949,000 after purchasing an additional 5,347 shares during the period. Creekmur Asset Management LLC boosted its position in shares of Enbridge by 4.1% during the first quarter. Creekmur Asset Management LLC now owns 29,671 shares of the pipeline company’s stock worth $1,073,000 after acquiring an additional 1,172 shares during the last quarter. Finally, Tidal Investments LLC grew its position in shares of Enbridge by 8.0% during the first quarter. Tidal Investments LLC now owns 40,565 shares of the pipeline company’s stock valued at $1,468,000 after purchasing an additional 3,008 shares in the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Performance

ENB stock opened at $42.97 on Tuesday. The firm has a 50-day simple moving average of $41.43 and a two-hundred day simple moving average of $38.73. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. Enbridge Inc. has a one year low of $32.85 and a one year high of $43.70. The firm has a market cap of $93.58 billion, a price-to-earnings ratio of 19.89, a PEG ratio of 4.21 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The firm had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same period in the previous year, the business earned $0.46 EPS. On average, equities analysts forecast that Enbridge Inc. will post 2.06 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be given a $0.676 dividend. This represents a $2.70 annualized dividend and a dividend yield of 6.29%. This is an increase from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s dividend payout ratio is presently 121.76%.

Analysts Set New Price Targets

ENB has been the subject of a number of research reports. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley began coverage on shares of Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating on the stock.

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.