PCJ Investment Counsel Ltd. Increases Position in Enbridge Inc. (NYSE:ENB)

PCJ Investment Counsel Ltd. grew its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 3.9% during the third quarter, HoldingsChannel reports. The fund owned 80,668 shares of the pipeline company’s stock after acquiring an additional 3,060 shares during the quarter. Enbridge comprises about 1.0% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 28th largest position. PCJ Investment Counsel Ltd.’s holdings in Enbridge were worth $3,277,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ENB. BNP Paribas Financial Markets increased its holdings in shares of Enbridge by 19.4% in the 1st quarter. BNP Paribas Financial Markets now owns 6,991 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 1,136 shares during the period. State Board of Administration of Florida Retirement System purchased a new position in shares of Enbridge in the 1st quarter valued at $1,133,000. Acadian Asset Management LLC purchased a new position in shares of Enbridge in the 1st quarter valued at $1,146,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge in the 1st quarter valued at $29,000. Finally, UniSuper Management Pty Ltd increased its holdings in shares of Enbridge by 89.9% in the 1st quarter. UniSuper Management Pty Ltd now owns 30,000 shares of the pipeline company’s stock valued at $1,085,000 after acquiring an additional 14,200 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Up 0.9 %

Shares of ENB stock opened at $42.95 on Wednesday. The stock’s fifty day moving average price is $41.23 and its 200 day moving average price is $38.56. Enbridge Inc. has a 1-year low of $32.85 and a 1-year high of $43.31. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54. The company has a market cap of $93.55 billion, a price-to-earnings ratio of 19.88, a price-to-earnings-growth ratio of 4.10 and a beta of 0.93.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.54 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. On average, research analysts expect that Enbridge Inc. will post 2.06 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be given a dividend of $0.676 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a yield of 6.30%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s payout ratio is currently 121.76%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Jefferies Financial Group downgraded Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley assumed coverage on Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating on the stock. Finally, Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th.

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.