Hennessy Advisors Inc. Lowers Position in Enbridge Inc. (NYSE:ENB)

Hennessy Advisors Inc. lowered its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 593,765 shares of the pipeline company’s stock after selling 34,600 shares during the quarter. Hennessy Advisors Inc.’s holdings in Enbridge were worth $21,482,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Canoe Financial LP boosted its position in Enbridge by 80,631.1% in the 4th quarter. Canoe Financial LP now owns 33,460,611 shares of the pipeline company’s stock valued at $1,205,251,000 after buying an additional 33,419,164 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Enbridge by 630.3% during the 3rd quarter. Wellington Management Group LLP now owns 32,531,108 shares of the pipeline company’s stock valued at $1,083,938,000 after buying an additional 28,076,386 shares during the last quarter. Norges Bank acquired a new position in Enbridge during the 4th quarter worth $714,662,000. TD Asset Management Inc lifted its holdings in Enbridge by 24.9% during the 4th quarter. TD Asset Management Inc now owns 37,749,760 shares of the pipeline company’s stock worth $1,365,583,000 after buying an additional 7,536,678 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Enbridge by 5.7% in the 3rd quarter. Vanguard Group Inc. now owns 81,491,857 shares of the pipeline company’s stock worth $2,704,715,000 after acquiring an additional 4,400,848 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

ENB traded up $0.19 during trading hours on Friday, hitting $35.45. 2,476,933 shares of the stock were exchanged, compared to its average volume of 5,696,413. The stock has a market cap of $75.65 billion, a price-to-earnings ratio of 18.02, a price-to-earnings-growth ratio of 3.31 and a beta of 0.90. The stock has a 50-day simple moving average of $35.97 and a 200-day simple moving average of $35.62. Enbridge Inc. has a 12 month low of $31.03 and a 12 month high of $38.37. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.68 and a quick ratio of 0.59.

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

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th were given a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 7.64%. The ex-dividend date was Tuesday, May 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s dividend payout ratio is 136.04%.

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.