Foresight Capital Management Advisors Inc. Takes $2.91 Million Position in Enbridge Inc. (NYSE:ENB)

Foresight Capital Management Advisors Inc. acquired a new stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 71,635 shares of the pipeline company’s stock, valued at approximately $2,909,000. Enbridge accounts for 1.7% of Foresight Capital Management Advisors Inc.’s investment portfolio, making the stock its 24th largest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. TruNorth Capital Management LLC purchased a new stake in Enbridge during the second quarter valued at about $28,000. William B. Walkup & Associates Inc. acquired a new position in shares of Enbridge during the second quarter worth about $28,000. Ameritas Investment Partners Inc. acquired a new position in shares of Enbridge during the first quarter worth about $29,000. Richardson Financial Services Inc. acquired a new position in shares of Enbridge during the first quarter worth about $31,000. Finally, PFS Partners LLC lifted its stake in shares of Enbridge by 95.8% during the first quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 451 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $51.50.

Enbridge Stock Performance

ENB stock traded down $0.24 on Monday, reaching $40.84. The company’s stock had a trading volume of 2,508,466 shares, compared to its average volume of 5,077,540. Enbridge Inc. has a 52 week low of $31.31 and a 52 week high of $41.35. The company has a market capitalization of $87.15 billion, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 3.93 and a beta of 0.93. The firm has a fifty day moving average of $39.70 and a two-hundred day moving average of $37.17. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68.

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

Enbridge Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a dividend of $0.669 per share. This represents a $2.68 dividend on an annualized basis and a yield of 6.55%. The ex-dividend date of this dividend was Thursday, August 15th. Enbridge’s payout ratio is currently 134.01%.

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.