Procyon Advisors LLC Buys 8,888 Shares of Enbridge Inc. (NYSE:ENB)

Procyon Advisors LLC boosted its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 8.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 118,201 shares of the pipeline company’s stock after acquiring an additional 8,888 shares during the quarter. Procyon Advisors LLC’s holdings in Enbridge were worth $4,800,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ENB. Vanguard Group Inc. raised its position in Enbridge by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 84,280,486 shares of the pipeline company’s stock worth $3,049,268,000 after purchasing an additional 1,227,031 shares during the period. TD Asset Management Inc lifted its stake in shares of Enbridge by 0.9% in the 1st quarter. TD Asset Management Inc now owns 38,087,489 shares of the pipeline company’s stock valued at $1,377,708,000 after acquiring an additional 337,729 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in Enbridge by 3.9% during the 1st 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 acquiring an additional 1,360,439 shares during the period. Cibc World Market Inc. grew its position in Enbridge by 12.8% during the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after acquiring an additional 3,693,495 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its stake in Enbridge by 3.7% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock worth $821,331,000 after purchasing an additional 827,540 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Enbridge currently has an average rating of “Hold” and an average target price of $51.50.

Enbridge Stock Down 0.0 %

NYSE ENB opened at $41.06 on Monday. The business’s 50-day moving average is $40.05 and its 200 day moving average is $37.35. The stock has a market capitalization of $87.62 billion, a PE ratio of 20.85, a PEG ratio of 3.94 and a beta of 0.93. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. Enbridge Inc. has a 1 year low of $31.31 and a 1 year high of $41.35.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $4.28 billion. During the same period in the previous year, the firm earned $0.51 earnings per share. Sell-side analysts forecast that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were given a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.52%. Enbridge’s dividend payout ratio is 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.