Sovereign Financial Group Inc. Invests $222,000 in Enbridge Inc. (NYSE:ENB)

Sovereign Financial Group Inc. purchased a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,163 shares of the pipeline company’s stock, valued at approximately $222,000.

A number of other hedge funds have also added to or reduced their stakes in ENB. BOK Financial Private Wealth Inc. bought a new position in Enbridge in the fourth quarter worth approximately $25,000. Baystate Wealth Management LLC grew its position in shares of Enbridge by 836.4% during the 4th quarter. Baystate Wealth Management LLC now owns 721 shares of the pipeline company’s stock worth $26,000 after buying an additional 644 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in shares of Enbridge in the fourth quarter valued at about $28,000. Financial Gravity Asset Management Inc. lifted its stake in Enbridge by 2,294.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 886 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 849 shares during the period. Finally, Planned Solutions Inc. bought a new position in Enbridge during the 4th quarter worth about $34,000. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ENB. Stifel Nicolaus initiated coverage on shares of Enbridge in a research note on Thursday, January 18th. They set a “hold” rating on the stock. Jefferies Financial Group assumed coverage on Enbridge in a report on Tuesday, February 27th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.20.

Enbridge Stock Up 1.1 %

Shares of Enbridge stock traded up $0.40 during trading on Wednesday, reaching $37.23. The company’s stock had a trading volume of 5,342,044 shares, compared to its average volume of 5,793,471. Enbridge Inc. has a 1-year low of $31.03 and a 1-year high of $40.22. The company has a 50-day simple moving average of $35.41 and a two-hundred day simple moving average of $35.02. The company has a quick ratio of 0.74, a current ratio of 0.83 and a debt-to-equity ratio of 1.30. The company has a market cap of $79.15 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 3.43 and a beta of 0.87.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, February 9th. The pipeline company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). Enbridge had a return on equity of 10.23% and a net margin of 13.97%. The business had revenue of $8.37 billion for the quarter, compared to analysts’ expectations of $9.62 billion. As a group, equities analysts forecast that Enbridge Inc. will post 2.12 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be paid a dividend of $0.677 per share. This is a positive change from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, May 14th. This represents a $2.71 dividend on an annualized basis and a yield of 7.27%. Enbridge’s dividend payout ratio is presently 127.14%.

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.