Cornerstone Wealth Group LLC Acquires 595 Shares of Enbridge Inc. (NYSE:ENB)

Cornerstone Wealth Group LLC boosted its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.7% during the 4th quarter, HoldingsChannel reports. The fund owned 16,494 shares of the pipeline company’s stock after purchasing an additional 595 shares during the period. Cornerstone Wealth Group LLC’s holdings in Enbridge were worth $700,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ENB. McIlrath & Eck LLC increased its position in shares of Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 295 shares during the last quarter. Albion Financial Group UT purchased a new position in Enbridge during the fourth quarter worth $29,000. Grove Bank & Trust increased its position in 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 acquiring an additional 279 shares during the last quarter. MFA Wealth Advisors LLC raised its stake in shares of Enbridge by 55.6% in the third 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. Finally, William B. Walkup & Associates Inc. bought a new stake in shares of Enbridge in the 2nd quarter worth about $28,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Trading Down 0.8 %

NYSE:ENB opened at $44.72 on Tuesday. The firm has a 50-day simple moving average of $42.99 and a 200-day simple moving average of $40.93. Enbridge Inc. has a one year low of $32.85 and a one year high of $45.78. The firm has a market cap of $97.41 billion, a P/E ratio of 20.70, a P/E/G ratio of 4.15 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.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.15. The company had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same quarter in the previous year, the firm posted $0.46 earnings per share. Equities analysts anticipate that Enbridge Inc. will post 1.97 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.99%. The ex-dividend date is Friday, February 14th. Enbridge’s dividend payout ratio is currently 124.07%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ENB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Morgan Stanley began coverage on Enbridge in a research report on Friday, October 25th. They set an “equal weight” rating for the company. Finally, TD Securities began coverage on shares of Enbridge in a report on Wednesday, January 15th. They issued a “buy” rating on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Enbridge presently has an average rating of “Hold” and an average target price of $63.00.

Enbridge 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.