Legend Financial Advisors Inc. Invests $45,000 in Enbridge Inc $ENB

Legend Financial Advisors Inc. acquired a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,000 shares of the pipeline company’s stock, valued at approximately $45,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dagco Inc. bought a new position in Enbridge during the first quarter worth $25,000. Garde Capital Inc. bought a new position in Enbridge during the first quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new position in Enbridge during the first quarter worth $28,000. Accent Capital Management LLC bought a new position in Enbridge during the first quarter worth $30,000. Finally, Wolff Wiese Magana LLC increased its position in Enbridge by 91.3% during the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 365 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Down 0.8%

Shares of Enbridge stock opened at $49.57 on Friday. The company’s fifty day moving average price is $47.49 and its two-hundred day moving average price is $45.80. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. Enbridge Inc has a 52-week low of $39.73 and a 52-week high of $50.15. The firm has a market capitalization of $108.11 billion, a PE ratio of 24.42, a price-to-earnings-growth ratio of 4.57 and a beta of 0.80.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. During the same quarter in the prior year, the firm earned $0.58 EPS. On average, analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were issued a $0.6839 dividend. This represents a $2.74 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend was Friday, August 15th. This is a positive change from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s payout ratio is currently 134.98%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a report on Sunday, September 21st. National Bankshares reissued a “sector perform” rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Zacks Research lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 17th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.50.

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.