Abundance Wealth Counselors Raises Stock Position in Enbridge Inc. (NYSE:ENB)

Abundance Wealth Counselors boosted its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,962 shares of the pipeline company’s stock after acquiring an additional 558 shares during the period. Abundance Wealth Counselors’ holdings in Enbridge were worth $1,229,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ENB. McIlrath & Eck LLC grew its stake in Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after buying an additional 295 shares during the last quarter. Albion Financial Group UT acquired a new stake in Enbridge in the fourth quarter worth about $29,000. Grove Bank & Trust grew its stake in shares of Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 279 shares during the last quarter. MFA Wealth Advisors LLC increased its holdings in shares of Enbridge by 55.6% during 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 in the last quarter. Finally, Fortitude Family Office LLC purchased a new position in shares of Enbridge in the 3rd quarter valued at approximately $35,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 2.7 %

Shares of ENB opened at $43.29 on Friday. The stock has a 50 day moving average price of $43.11 and a 200 day moving average price of $41.15. Enbridge Inc. has a one year low of $32.85 and a one year high of $45.78. 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 capitalization of $94.31 billion, a price-to-earnings ratio of 20.04, a PEG ratio of 4.11 and a beta of 0.93.

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

Enbridge Cuts Dividend

The firm also recently announced 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 6.19%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is 124.07%.

Analyst Ratings Changes

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