Stonegate Investment Group LLC Acquires 13,515 Shares of Enbridge Inc. (NYSE:ENB)

Stonegate Investment Group LLC lifted its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 66.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,833 shares of the pipeline company’s stock after purchasing an additional 13,515 shares during the period. Stonegate Investment Group LLC’s holdings in Enbridge were worth $1,374,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Grove Bank & Trust raised its stake in shares of Enbridge by 56.7% during 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 during the period. TruNorth Capital Management LLC bought a new stake in shares of Enbridge during the 2nd quarter worth $28,000. William B. Walkup & Associates Inc. bought a new stake in shares of Enbridge during the 2nd quarter worth $28,000. Ameritas Investment Partners Inc. bought a new stake in Enbridge in the 1st quarter valued at about $29,000. Finally, Richardson Financial Services Inc. bought a new stake in Enbridge in the 1st quarter valued at about $31,000. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Jefferies Financial Group downgraded shares of Enbridge from a “buy” rating to a “hold” rating in a report on Monday, September 30th.

Enbridge Price Performance

NYSE ENB opened at $41.99 on Friday. The company has a market cap of $89.60 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 3.94 and a beta of 0.93. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $42.03. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.34. The firm’s 50-day simple moving average is $40.38 and its two-hundred day simple moving average is $37.52.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. The business had revenue of $8.29 billion for the quarter, compared to the consensus estimate of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period in the prior year, the firm earned $0.51 earnings per share. Research analysts predict that Enbridge Inc. will post 2.08 earnings per share for the current year.

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Thursday, August 15th were issued a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.37%. The ex-dividend date was Thursday, August 15th. Enbridge’s payout ratio is 134.01%.

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.