Grisanti Capital Management LLC grew its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 30.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,185 shares of the pipeline company’s stock after acquiring an additional 13,680 shares during the quarter. Grisanti Capital Management LLC’s holdings in Enbridge were worth $1,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently added to or reduced their stakes in the business. HighPoint Advisor Group LLC boosted its holdings in shares of Enbridge by 21.4% in the 2nd quarter. HighPoint Advisor Group LLC now owns 8,094 shares of the pipeline company’s stock worth $282,000 after purchasing an additional 1,427 shares during the period. Tealwood Asset Management Inc. boosted its holdings in shares of Enbridge by 1.3% in the 2nd quarter. Tealwood Asset Management Inc. now owns 118,062 shares of the pipeline company’s stock worth $4,214,000 after purchasing an additional 1,502 shares during the period. Parsec Financial Management Inc. boosted its holdings in shares of Enbridge by 12.7% in the 2nd quarter. Parsec Financial Management Inc. now owns 13,402 shares of the pipeline company’s stock worth $478,000 after purchasing an additional 1,506 shares during the period. First Allied Advisory Services Inc. boosted its holdings in shares of Enbridge by 4.6% in the 2nd quarter. First Allied Advisory Services Inc. now owns 35,496 shares of the pipeline company’s stock worth $1,270,000 after purchasing an additional 1,546 shares during the period. Finally, Fieldpoint Private Securities LLC boosted its holdings in shares of Enbridge by 12.0% in the 2nd quarter. Fieldpoint Private Securities LLC now owns 14,480 shares of the pipeline company’s stock worth $517,000 after purchasing an additional 1,550 shares during the period. 58.28% of the stock is currently owned by institutional investors and hedge funds.
ENB opened at $32.32 on Tuesday. Enbridge Inc has a 52-week low of $29.00 and a 52-week high of $41.21. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.56 and a quick ratio of 0.47. The firm has a market cap of $54.18 billion, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.19 and a beta of 0.53.
Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, November 2nd. The pipeline company reported $0.42 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.42. Enbridge had a return on equity of 8.80% and a net margin of 3.95%. The company had revenue of $8.68 billion during the quarter, compared to analysts’ expectations of $8.28 billion. During the same quarter in the previous year, the business earned $0.39 EPS. As a group, research analysts forecast that Enbridge Inc will post 2.22 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Thursday, November 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date of this dividend is Wednesday, November 14th. Enbridge’s payout ratio is currently 132.47%.
ENB has been the subject of a number of recent research reports. Wells Fargo & Co upgraded Enbridge from a “market perform” rating to a “buy” rating in a report on Monday. Zacks Investment Research upgraded Enbridge from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a report on Monday, October 8th. UBS Group initiated coverage on Enbridge in a report on Thursday, October 4th. They issued a “buy” rating for the company. Bank of America upgraded Enbridge from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $49.00 to $50.00 in a report on Friday, August 17th. Finally, Morgan Stanley lifted their target price on Enbridge from $34.00 to $37.00 and gave the stock an “equal weight” rating in a report on Friday, July 13th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $49.17.
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Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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