Patten Group Inc. Acquires 4,410 Shares of Enbridge Inc. (NYSE:ENB)

Patten Group Inc. raised its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 19.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,707 shares of the pipeline company’s stock after buying an additional 4,410 shares during the period. Patten Group Inc.’s holdings in Enbridge were worth $1,085,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. TruNorth Capital Management LLC purchased a new stake in Enbridge during the 2nd quarter valued at $28,000. William B. Walkup & Associates Inc. purchased a new stake in Enbridge during the 2nd quarter valued at $28,000. Ameritas Investment Partners Inc. purchased a new stake in Enbridge during the 1st quarter valued at $29,000. Richardson Financial Services Inc. purchased a new stake in Enbridge during the 1st quarter valued at $31,000. Finally, PFS Partners LLC lifted its position in shares of Enbridge by 95.8% in the 1st quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 451 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.50.

Enbridge Trading Up 0.7 %

NYSE:ENB opened at $40.91 on Thursday. The company has a 50-day moving average price of $39.85 and a 200-day moving average price of $37.24. Enbridge Inc. has a 12 month low of $31.31 and a 12 month high of $41.35. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.34. The stock has a market cap of $87.30 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 3.93 and a beta of 0.93.

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

Enbridge Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Sunday, September 1st. Investors of record on Thursday, August 15th were given a dividend of $0.669 per share. 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 dividend payout ratio (DPR) 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.