Verition Fund Management LLC Raises Position in Enbridge Inc. (NYSE:ENB)

Verition Fund Management LLC lifted its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 13.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 7,637 shares of the pipeline company’s stock after buying an additional 910 shares during the period. Verition Fund Management LLC’s holdings in Enbridge were worth $310,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. William B. Walkup & Associates Inc. bought a new stake in shares of Enbridge in the 2nd quarter worth $28,000. Grove Bank & Trust grew its position in Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. MFA Wealth Advisors LLC increased its stake in Enbridge by 55.6% in the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after buying an additional 280 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Enbridge during the 3rd quarter worth approximately $35,000. Finally, Darwin Wealth Management LLC purchased a new position in shares of Enbridge in the 3rd quarter worth approximately $37,000. Institutional investors own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on ENB. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th. Finally, Morgan Stanley initiated coverage on shares of Enbridge in a report on Friday, October 25th. They set an “equal weight” rating for the company. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $63.00.

Enbridge Price Performance

Shares of NYSE ENB opened at $41.92 on Friday. The firm has a market cap of $91.29 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 4.18 and a beta of 0.94. The stock has a fifty day simple moving average of $42.02 and a two-hundred day simple moving average of $39.29. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $44.13.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings data on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The company had revenue of $10.91 billion during the quarter, compared to analyst estimates of $4.54 billion. During the same quarter last year, the firm posted $0.46 EPS. Analysts anticipate that Enbridge Inc. will post 2.03 earnings per share for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 6.39%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is currently 121.76%.

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.