Grove Bank & Trust Buys 279 Shares of Enbridge Inc. (NYSE:ENB)

Grove Bank & Trust lifted its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 56.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 771 shares of the pipeline company’s stock after acquiring an additional 279 shares during the quarter. Grove Bank & Trust’s holdings in Enbridge were worth $31,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Fiduciary Alliance LLC bought a new stake in Enbridge in the 3rd quarter worth approximately $286,000. Novare Capital Management LLC bought a new stake in shares of Enbridge in the third quarter worth $257,000. Procyon Advisors LLC increased its position in Enbridge by 8.1% during the third quarter. Procyon Advisors LLC now owns 118,201 shares of the pipeline company’s stock valued at $4,800,000 after acquiring an additional 8,888 shares during the last quarter. Thomasville National Bank lifted its holdings in Enbridge by 3.7% in the third quarter. Thomasville National Bank now owns 794,061 shares of the pipeline company’s stock valued at $32,247,000 after acquiring an additional 28,682 shares during the period. Finally, Sound Income Strategies LLC boosted its position in Enbridge by 5.3% in the third quarter. Sound Income Strategies LLC now owns 582,020 shares of the pipeline company’s stock worth $23,636,000 after purchasing an additional 29,297 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus target price of $51.50.

Enbridge Price Performance

NYSE ENB opened at $41.30 on Wednesday. The business’s fifty day moving average is $40.18 and its 200 day moving average is $37.42. Enbridge Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $41.35. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.68 and a current ratio of 0.77. The company has a market capitalization of $88.12 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The firm had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a return on equity of 10.07% and a net margin of 13.31%. During the same period in the previous year, the firm earned $0.51 EPS. Sell-side analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were given a dividend of $0.669 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.48%. Enbridge’s 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.