Cornerstone Wealth Management LLC raised its position in Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB) by 2.2% during the third quarter, Holdings Channel reports. The firm owned 29,276 shares of the pipeline company’s stock after purchasing an additional 632 shares during the period. Cornerstone Wealth Management LLC’s holdings in Enbridge were worth $1,189,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Grove Bank & Trust lifted its position in shares of Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the period. TruNorth Capital Management LLC acquired a new position in shares of Enbridge in the 2nd quarter worth approximately $28,000. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge in the 2nd quarter worth approximately $28,000. Ameritas Investment Partners Inc. bought a new stake in shares of Enbridge in the 1st quarter valued at $29,000. Finally, Richardson Financial Services Inc. bought a new stake in shares of Enbridge in the 1st quarter valued at $31,000. Institutional investors and hedge funds own 54.60% of the company’s stock.
Enbridge Stock Performance
Shares of ENB stock opened at $41.84 on Friday. The firm has a market capitalization of $89.28 billion, a PE ratio of 21.24, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. The firm has a fifty day simple moving average of $40.31 and a two-hundred day simple moving average of $37.48. 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 12 month low of $31.31 and a 12 month high of $42.03.
Enbridge Cuts Dividend
The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were paid a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 6.40%. Enbridge’s payout ratio is 134.01%.
Wall Street Analyst Weigh In
Separately, Jefferies Financial Group lowered shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus target price of $51.50.
Read Our Latest Research Report on Enbridge
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.
Recommended Stories
- Five stocks we like better than Enbridge
- What does consumer price index measure?
- Taiwan Semiconductor Soars on Earnings With More Room to Run
- How to Invest in Tech StocksĀ and Top Tech Stocks to Consider
- Is Lucid Group Nearing the Bottom? What Investors Should Know
- Airline Stocks – Top Airline Stocks to Buy Now
- 90% Gain Possible? Analysts Are Bullish on Joby Aviation
Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc. (NYSE:ENB – Free Report) (TSE:ENB).
Receive News & Ratings for Enbridge Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Enbridge and related companies with MarketBeat.com's FREE daily email newsletter.