Financial Counselors Inc. Trims Stock Holdings in Enbridge Inc. (NYSE:ENB)

Financial Counselors Inc. lowered its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 722,503 shares of the pipeline company’s stock after selling 5,723 shares during the quarter. Financial Counselors Inc.’s holdings in Enbridge were worth $29,341,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ENB. Grove Bank & Trust boosted its position in Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares during the last quarter. MFA Wealth Advisors LLC lifted its stake in Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 280 shares during the period. TruNorth Capital Management LLC purchased a new stake in shares of Enbridge in the 2nd quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge during the second quarter worth $28,000. Finally, Fortitude Family Office LLC acquired a new position in Enbridge during the third quarter valued at $35,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Up 0.5 %

Shares of ENB opened at $42.90 on Thursday. Enbridge Inc. has a 12 month low of $32.85 and a 12 month high of $43.70. The firm has a market cap of $93.44 billion, a P/E ratio of 19.86, a PEG ratio of 4.18 and a beta of 0.93. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The stock’s 50 day moving average is $41.52 and its two-hundred day moving average is $38.79.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.15. The business 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 quarter last year, the business earned $0.46 earnings per share. Analysts predict that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be issued a dividend of $0.676 per share. This represents a $2.70 annualized dividend and a dividend yield of 6.30%. The ex-dividend date is Friday, November 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is currently 121.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ENB shares. Morgan Stanley initiated coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating 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. Finally, Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th.

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.