Independence Bank of Kentucky Grows Stake in Enbridge Inc. (NYSE:ENB)

Independence Bank of Kentucky increased its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 30.9% during the first quarter, Holdings Channel reports. The firm owned 3,933 shares of the pipeline company’s stock after acquiring an additional 929 shares during the quarter. Independence Bank of Kentucky’s holdings in Enbridge were worth $142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Enbridge by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 83,053,455 shares of the pipeline company’s stock valued at $2,991,585,000 after buying an additional 1,561,598 shares during the last quarter. TD Asset Management Inc boosted its stake in Enbridge by 24.9% during the fourth quarter. TD Asset Management Inc now owns 37,749,760 shares of the pipeline company’s stock valued at $1,365,583,000 after buying an additional 7,536,678 shares during the last quarter. 1832 Asset Management L.P. raised its position in Enbridge by 2.5% during the fourth quarter. 1832 Asset Management L.P. now owns 35,289,140 shares of the pipeline company’s stock valued at $1,271,115,000 after purchasing an additional 846,796 shares during the period. Canoe Financial LP raised its position in Enbridge by 80,631.1% during the fourth quarter. Canoe Financial LP now owns 33,460,611 shares of the pipeline company’s stock valued at $1,205,251,000 after purchasing an additional 33,419,164 shares during the period. Finally, Wellington Management Group LLP raised its position in Enbridge by 630.3% during the third quarter. Wellington Management Group LLP now owns 32,531,108 shares of the pipeline company’s stock valued at $1,083,938,000 after purchasing an additional 28,076,386 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Trading Up 0.9 %

ENB stock traded up $0.33 during midday trading on Friday, reaching $35.59. 4,374,256 shares of the company traded hands, compared to its average volume of 4,628,726. Enbridge Inc. has a 52-week low of $31.03 and a 52-week high of $38.37. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.59 and a current ratio of 0.68. The business has a 50 day moving average of $36.01 and a 200-day moving average of $35.63. The firm has a market capitalization of $75.95 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 3.31 and a beta of 0.90.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings data on Friday, May 10th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.09. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. The business had revenue of $8.19 billion for the quarter, compared to the consensus estimate of $9 billion. As a group, sell-side analysts expect that Enbridge Inc. will post 2.13 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th were issued a $0.677 dividend. This represents a $2.71 annualized dividend and a dividend yield of 7.61%. This is an increase from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date was Tuesday, May 14th. Enbridge’s dividend payout ratio is presently 136.04%.

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.