Townsquare Capital LLC Buys 13,780 Shares of Enbridge Inc. (NYSE:ENB)

Townsquare Capital LLC increased its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 346,999 shares of the pipeline company’s stock after purchasing an additional 13,780 shares during the quarter. Townsquare Capital LLC’s holdings in Enbridge were worth $14,092,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ENB. TruNorth Capital Management LLC bought a new stake in shares of Enbridge during the second quarter valued at approximately $28,000. William B. Walkup & Associates Inc. bought a new stake in shares of Enbridge during the second quarter valued at approximately $28,000. Grove Bank & Trust grew 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 valued at $31,000 after purchasing an additional 279 shares during the last quarter. MFA Wealth Advisors LLC grew its stake in shares of Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 280 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Enbridge during the third quarter valued at approximately $35,000. 54.60% of the stock is owned by institutional investors.

Enbridge Price Performance

Shares of ENB stock opened at $42.71 on Wednesday. Enbridge Inc. has a 52-week low of $32.85 and a 52-week high of $43.70. The stock has a market cap of $93.02 billion, a PE ratio of 19.77, a PEG ratio of 4.18 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The firm’s 50 day moving average price is $41.47 and its two-hundred day moving average price is $38.76.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. The company had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the business posted $0.46 earnings per share. As a group, analysts forecast that Enbridge Inc. will post 2.06 EPS for the current year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Friday, November 15th will be issued a dividend of $0.676 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.33%. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley assumed coverage on shares of Enbridge in a research note on Friday, October 25th. They issued an “equal weight” rating on the stock.

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.