Patten Group Inc. Has $1.23 Million Position in Enbridge Inc $ENB

Patten Group Inc. cut its stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 0.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 27,234 shares of the pipeline company’s stock after selling 248 shares during the quarter. Patten Group Inc.’s holdings in Enbridge were worth $1,234,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dagco Inc. acquired a new position in Enbridge during the 1st quarter worth about $25,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Enbridge in the 1st quarter valued at about $28,000. Accent Capital Management LLC acquired a new stake in Enbridge during the first quarter worth approximately $30,000. FNY Investment Advisers LLC acquired a new stake in Enbridge during the second quarter worth approximately $36,000. Finally, Private Wealth Asset Management LLC increased its holdings in Enbridge by 289.7% in the second quarter. Private Wealth Asset Management LLC now owns 834 shares of the pipeline company’s stock worth $38,000 after purchasing an additional 620 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. CIBC lowered Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. Jefferies Financial Group raised Enbridge from a “hold” rating to a “buy” rating in a research note on Wednesday, July 23rd. Wall Street Zen lowered Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Zacks Research lowered Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 17th. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research note on Tuesday, August 5th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $60.50.

Enbridge Stock Up 0.2%

ENB stock opened at $47.29 on Wednesday. The stock’s 50 day simple moving average is $48.46 and its 200 day simple moving average is $46.40. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The company has a market cap of $103.12 billion, a P/E ratio of 23.29, a price-to-earnings-growth ratio of 4.33 and a beta of 0.78.

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

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a $0.6839 dividend. This represents a $2.74 annualized dividend and a dividend yield of 5.8%. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. Enbridge’s dividend payout ratio (DPR) is currently 134.98%.

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.