Summit Asset Management LLC Acquires Shares of 4,830 Enbridge Inc. (NYSE:ENB)

Summit Asset Management LLC acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,830 shares of the pipeline company’s stock, valued at approximately $205,000.

A number of other hedge funds also recently bought and sold shares of ENB. McIlrath & Eck LLC raised its holdings in Enbridge by 74.9% in the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares during the last quarter. Albion Financial Group UT acquired a new stake in shares of Enbridge during the 4th quarter worth approximately $29,000. Fortitude Family Office LLC acquired a new stake in shares of Enbridge during the 3rd quarter worth approximately $35,000. Darwin Wealth Management LLC acquired a new stake in shares of Enbridge during the 3rd quarter worth approximately $37,000. Finally, Dixon Mitchell Investment Counsel Inc. increased its holdings in shares of Enbridge by 149.9% during the 4th quarter. Dixon Mitchell Investment Counsel Inc. now owns 967 shares of the pipeline company’s stock worth $41,000 after buying an additional 580 shares during the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $41.74 on Friday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.54 and a current ratio of 0.55. The stock has a market capitalization of $90.94 billion, a P/E ratio of 24.26, a PEG ratio of 3.92 and a beta of 0.94. The company has a 50 day moving average price of $43.35 and a 200 day moving average price of $41.89. Enbridge Inc. has a fifty-two week low of $32.85 and a fifty-two week high of $45.78.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings data on Friday, February 14th. The pipeline company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.23. The firm had revenue of $11.59 billion during the quarter, compared to analysts’ expectations of $4.78 billion. Enbridge had a net margin of 10.04% and a return on equity of 10.16%. During the same quarter last year, the company posted $0.64 EPS. Equities research analysts forecast that Enbridge Inc. will post 2.14 EPS for the current year.

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be given a $0.67 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 6.42%. Enbridge’s dividend payout ratio is presently 155.81%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ENB. Royal Bank of Canada raised their price target on shares of Enbridge from $63.00 to $67.00 and gave the stock an “outperform” rating in a report on Tuesday, February 18th. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Finally, TD Securities began coverage on shares of Enbridge in a report on Wednesday, January 15th. They set a “buy” rating for the company. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Enbridge has a consensus rating of “Hold” and a consensus price target of $67.00.

Enbridge Company 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.