JCIC Asset Management Inc. Purchases 5,139 Shares of Enbridge Inc. (NYSE:ENB)

JCIC Asset Management Inc. boosted its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 197,887 shares of the pipeline company’s stock after purchasing an additional 5,139 shares during the period. Enbridge comprises 3.3% of JCIC Asset Management Inc.’s holdings, making the stock its 9th largest position. JCIC Asset Management Inc.’s holdings in Enbridge were worth $8,038,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. TruNorth Capital Management LLC acquired a new position in shares of Enbridge in the second quarter valued at $28,000. William B. Walkup & Associates Inc. bought a new position in Enbridge in the 2nd quarter valued at about $28,000. Ameritas Investment Partners Inc. bought a new position in Enbridge in the 1st quarter valued at about $29,000. Richardson Financial Services Inc. bought a new stake in shares of Enbridge during the first quarter worth approximately $31,000. Finally, Grove Bank & Trust increased its stake in shares of Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of NYSE ENB opened at $41.22 on Thursday. The stock has a market capitalization of $87.96 billion, a PE ratio of 20.92, a P/E/G ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $42.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The business has a fifty day moving average price of $40.50 and a two-hundred day moving average price of $37.66.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. The company 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 in the previous year, the company earned $0.51 EPS. As a group, equities analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.49%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s dividend payout ratio is presently 134.01%.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th.

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.