Synovus Financial Corp Purchases 761 Shares of Enbridge Inc. (NYSE:ENB)

Synovus Financial Corp raised its position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 0.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 273,806 shares of the pipeline company’s stock after purchasing an additional 761 shares during the period. Synovus Financial Corp’s holdings in Enbridge were worth $11,119,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge in the 2nd quarter valued at approximately $28,000. McIlrath & Eck LLC lifted its stake in Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after buying an additional 295 shares in the last quarter. Grove Bank & Trust boosted its holdings in shares of Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after buying an additional 279 shares during the period. MFA Wealth Advisors LLC boosted its holdings in shares of Enbridge by 55.6% in 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. Finally, Fortitude Family Office LLC bought a new stake in shares of Enbridge during the third quarter worth $35,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ENB has been the topic of several research reports. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $63.00 price objective (up from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Enbridge presently has an average rating of “Hold” and an average price target of $63.00.

Enbridge Stock Down 0.3 %

Shares of ENB stock opened at $41.92 on Friday. The firm’s fifty day moving average price is $42.02 and its two-hundred day moving average price is $39.29. The company has a current ratio of 0.62, a quick ratio of 0.54 and a debt-to-equity ratio of 1.41. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $44.13. The firm has a market capitalization of $91.29 billion, a P/E ratio of 19.41, a PEG ratio of 4.18 and a beta of 0.94.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.15. Enbridge had a return on equity of 9.94% and a net margin of 13.54%. The business had revenue of $10.91 billion for the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. On average, equities analysts predict that Enbridge Inc. will post 2.03 EPS for the current fiscal year.

Enbridge Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.39%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio is currently 121.76%.

Enbridge Company 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.