Smith Salley Wealth Management Acquires 3,835 Shares of Enbridge Inc. (NYSE:ENB)

Smith Salley Wealth Management raised its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 6.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 63,997 shares of the pipeline company’s stock after acquiring an additional 3,835 shares during the quarter. Smith Salley Wealth Management’s holdings in Enbridge were worth $2,599,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Grove Bank & Trust boosted its position in shares of Enbridge by 56.7% during the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 279 shares in the last quarter. MFA Wealth Advisors LLC lifted its position in Enbridge by 55.6% during the third quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after buying an additional 280 shares during the period. TruNorth Capital Management LLC bought a new stake in shares of Enbridge during the 2nd quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new stake in shares of Enbridge in the 2nd quarter worth about $28,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of Enbridge in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

Shares of NYSE:ENB opened at $40.94 on Friday. The business has a fifty day moving average price of $40.60 and a 200-day moving average price of $37.74. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The company has a market capitalization of $89.16 billion, a PE ratio of 21.32, a PEG ratio of 4.00 and a beta of 0.93. Enbridge Inc. has a 1-year low of $31.31 and a 1-year high of $42.16.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, August 2nd. The pipeline company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.13. The business had revenue of $8.29 billion during the quarter, compared to analyst estimates of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period last year, the business earned $0.51 EPS. As a group, equities analysts expect that Enbridge Inc. will post 2.08 EPS for the current fiscal year.

Enbridge Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were issued a $0.669 dividend. The ex-dividend date was Thursday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 6.54%. Enbridge’s payout ratio is currently 137.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ENB. Morgan Stanley started coverage on shares of Enbridge in a report on Friday. They issued an “equal weight” rating on the stock. Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th.

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.