Independence Bank of Kentucky Acquires 2,095 Shares of Enbridge Inc. (NYSE:ENB)

Independence Bank of Kentucky grew its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 70.3% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,076 shares of the pipeline company’s stock after purchasing an additional 2,095 shares during the quarter. Independence Bank of Kentucky’s holdings in Enbridge were worth $215,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. CIBC Asset Management Inc boosted its holdings in Enbridge by 4.0% in the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock worth $984,205,000 after acquiring an additional 936,863 shares in the last quarter. National Bank of Canada FI raised its position in shares of Enbridge by 12.8% during the third quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after purchasing an additional 2,061,758 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Enbridge by 1.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after purchasing an additional 176,733 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Enbridge by 27.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock valued at $498,734,000 after purchasing an additional 2,668,692 shares during the period. Finally, Geode Capital Management LLC increased its stake in Enbridge by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock valued at $416,431,000 after purchasing an additional 985,546 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Down 2.7 %

Enbridge stock opened at $43.29 on Monday. 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 stock has a market cap of $94.31 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 4.11 and a beta of 0.93. Enbridge Inc. has a fifty-two week low of $32.85 and a fifty-two week high of $45.78. The firm’s 50-day simple moving average is $43.11 and its 200 day simple moving average is $41.19.

Enbridge (NYSE:ENB) (TSE:ENB) last released 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 company had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. During the same period in the prior year, the company posted $0.46 earnings per share. Research analysts predict that Enbridge Inc. will post 1.97 EPS for the current fiscal year.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 6.19%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is presently 121.76%.

Analysts Set New Price Targets

ENB has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $63.00 price objective (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, November 6th. Morgan Stanley started coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating for the company. Finally, TD Securities assumed coverage on Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $63.00.

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.