Kentucky Trust Co Takes $3.34 Million Position in Enbridge Inc. (NYSE:ENB)

Kentucky Trust Co purchased a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 78,595 shares of the pipeline company’s stock, valued at approximately $3,335,000. Enbridge accounts for about 2.0% of Kentucky Trust Co’s portfolio, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CIBC Asset Management Inc raised its stake in shares of Enbridge by 4.0% in the 3rd quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after acquiring an additional 936,863 shares during the period. National Bank of Canada FI increased its stake in Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company’s stock worth $737,754,000 after buying an additional 2,061,758 shares during the period. JPMorgan Chase & Co. increased its stake in Enbridge by 1.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,142,638 shares of the pipeline company’s stock worth $655,556,000 after buying an additional 176,733 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Enbridge by 27.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock worth $498,734,000 after buying an additional 2,668,692 shares during the period. Finally, Geode Capital Management LLC increased its stake in Enbridge by 10.8% during the 3rd quarter. Geode Capital Management LLC now owns 10,125,670 shares of the pipeline company’s stock worth $416,431,000 after buying an additional 985,546 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Trading Up 1.1 %

Shares of NYSE:ENB opened at $45.29 on Wednesday. Enbridge Inc. has a 52 week low of $32.85 and a 52 week high of $45.78. The company’s 50 day moving average is $43.23 and its two-hundred day moving average is $41.54. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. The company has a market cap of $98.65 billion, a PE ratio of 20.97, a P/E/G ratio of 4.08 and a beta of 0.94.

Enbridge Cuts Dividend

The company also recently disclosed 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. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is presently 121.76%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ENB. Morgan Stanley began coverage on shares of Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $63.00 target price (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. TD Securities began coverage on shares of Enbridge in a research note on Wednesday, January 15th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company raised shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $63.00.

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.