Groesbeck Investment Management Corp NJ Acquires Shares of 12,199 Enbridge Inc. (NYSE:ENB)

Groesbeck Investment Management Corp NJ acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,199 shares of the pipeline company’s stock, valued at approximately $518,000.

Other hedge funds also recently bought and sold shares of the company. McIlrath & Eck LLC grew its position in Enbridge by 74.9% in the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares during the last quarter. Albion Financial Group UT bought a new position in shares of Enbridge during the 4th quarter worth $29,000. Grove Bank & Trust grew its position in shares of Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after buying an additional 279 shares in the last quarter. MFA Wealth Advisors LLC grew its position in shares of Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after buying an additional 280 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new position in shares of Enbridge during the 3rd quarter worth $35,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of ENB stock opened at $43.73 on Wednesday. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $45.78. The stock’s 50-day moving average is $43.11 and its 200 day moving average is $41.27. The company has a market cap of $95.25 billion, a P/E ratio of 20.24, a PEG ratio of 4.02 and a beta of 0.94. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

Analyst Ratings Changes

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