EverSource Wealth Advisors LLC Acquires 704 Shares of Enbridge Inc. (NYSE:ENB)

EverSource Wealth Advisors LLC boosted its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 10.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,497 shares of the pipeline company’s stock after acquiring an additional 704 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Enbridge were worth $270,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group began coverage on Enbridge in a report on Tuesday, February 27th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Enbridge presently has an average rating of “Hold” and an average target price of $55.20.

Enbridge Stock Up 0.7 %

Shares of ENB traded up $0.24 on Friday, reaching $36.21. The stock had a trading volume of 429,303 shares, compared to its average volume of 5,914,892. The firm has a market capitalization of $76.98 billion, a price-to-earnings ratio of 18.25, a price-to-earnings-growth ratio of 3.46 and a beta of 0.86. The company has a 50-day simple moving average of $35.82 and a 200-day simple moving average of $35.36. Enbridge Inc. has a 12-month low of $31.03 and a 12-month 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.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Wednesday, May 15th will be paid a $0.677 dividend. This represents a $2.71 annualized dividend and a dividend yield of 7.48%. The ex-dividend date is Tuesday, May 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.66. Enbridge’s dividend payout ratio is currently 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.