WASHINGTON TRUST Co Grows Holdings in Enbridge Inc. (NYSE:ENB)

WASHINGTON TRUST Co grew its holdings in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 9.7% during the second quarter, HoldingsChannel.com reports. The firm owned 6,141 shares of the pipeline company’s stock after acquiring an additional 542 shares during the quarter. WASHINGTON TRUST Co’s holdings in Enbridge were worth $219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BOK Financial Private Wealth Inc. purchased a new stake in Enbridge in the fourth quarter worth $25,000. Baystate Wealth Management LLC increased its stake in shares of Enbridge by 836.4% during the fourth quarter. Baystate Wealth Management LLC now owns 721 shares of the pipeline company’s stock valued at $26,000 after buying an additional 644 shares during the period. Tennessee Valley Asset Management Partners purchased a new position in shares of Enbridge during the fourth quarter valued at $28,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge during the first quarter valued at $29,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Enbridge during the first quarter valued at $31,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 0.9 %

Shares of Enbridge stock traded up $0.37 during trading on Tuesday, hitting $39.42. 3,618,796 shares of the stock traded hands, compared to its average volume of 5,452,567. The firm has a market cap of $84.12 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 3.55 and a beta of 0.92. The company has a current ratio of 0.68, a quick ratio of 0.59 and a debt-to-equity ratio of 1.35. Enbridge Inc. has a 52-week low of $31.03 and a 52-week high of $39.49. The stock’s fifty day simple moving average is $36.19 and its 200 day simple moving average is $35.75.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.45 by $0.13. The firm had revenue of $8.29 billion for the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a return on equity of 10.53% and a net margin of 13.59%. During the same quarter last year, the firm posted $0.51 earnings per share. On average, equities analysts predict that Enbridge Inc. will post 2.12 earnings per share for the current fiscal year.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Thursday, August 15th will be given a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.79%. The ex-dividend date of this dividend is Thursday, August 15th. Enbridge’s payout ratio is currently 134.01%.

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.