Sunpointe LLC Raises Stock Holdings in Enbridge Inc. (NYSE:ENB)

Sunpointe LLC increased its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.9% in the third quarter, HoldingsChannel.com reports. The fund owned 8,694 shares of the pipeline company’s stock after buying an additional 484 shares during the period. Sunpointe LLC’s holdings in Enbridge were worth $353,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SeaCrest Wealth Management LLC purchased a new position in Enbridge in the 3rd quarter worth $227,000. Jamison Private Wealth Management Inc. raised its stake in shares of Enbridge by 513.1% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 6,131 shares of the pipeline company’s stock valued at $249,000 after buying an additional 5,131 shares during the last quarter. Bourne Lent Asset Management Inc. raised its stake in shares of Enbridge by 23.4% during the 3rd quarter. Bourne Lent Asset Management Inc. now owns 68,439 shares of the pipeline company’s stock valued at $2,779,000 after buying an additional 13,000 shares during the last quarter. QV Investors Inc. raised its stake in shares of Enbridge by 12.9% during the 3rd quarter. QV Investors Inc. now owns 1,558,557 shares of the pipeline company’s stock valued at $63,383,000 after buying an additional 177,470 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC raised its stake in shares of Enbridge by 3.0% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 258,734 shares of the pipeline company’s stock valued at $10,580,000 after buying an additional 7,566 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

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 assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Enbridge presently has an average rating of “Hold” and a consensus price target of $51.50.

Enbridge Price Performance

NYSE:ENB traded up $0.23 during trading hours on Wednesday, reaching $41.52. 187,917 shares of the company were exchanged, compared to its average volume of 4,972,050. The firm has a market cap of $88.60 billion, a PE ratio of 20.96, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The stock’s 50-day moving average is $40.18 and its 200-day moving average is $37.42. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. Enbridge Inc. has a twelve month low of $31.31 and a twelve month high of $41.56.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.13. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. The firm had revenue of $8.29 billion during the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the prior year, the firm earned $0.51 EPS. On average, sell-side analysts anticipate that Enbridge Inc. will post 2.08 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a dividend of $0.669 per share. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.45%. Enbridge’s dividend payout ratio (DPR) is presently 134.01%.

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.