Verity & Verity LLC Has $16.21 Million Holdings in Enbridge Inc. (NYSE:ENB)

Verity & Verity LLC grew its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 455,531 shares of the pipeline company’s stock after acquiring an additional 12,381 shares during the quarter. Enbridge accounts for approximately 1.9% of Verity & Verity LLC’s investment portfolio, making the stock its 17th largest position. Verity & Verity LLC’s holdings in Enbridge were worth $16,212,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. TruNorth Capital Management LLC acquired a new stake in Enbridge in the second quarter valued at approximately $28,000. William B. Walkup & Associates Inc. bought a new position in Enbridge during the 2nd quarter worth $28,000. Ameritas Investment Partners Inc. acquired a new position in Enbridge during the 1st quarter worth about $29,000. Richardson Financial Services Inc. bought a new stake in shares of Enbridge in the 1st quarter valued at about $31,000. Finally, PFS Partners LLC increased its stake in shares of Enbridge by 95.8% in the first quarter. PFS Partners LLC now owns 922 shares of the pipeline company’s stock valued at $33,000 after buying an additional 451 shares during the period. Institutional investors own 54.60% of the company’s stock.

Enbridge Trading Up 1.3 %

NYSE ENB opened at $41.14 on Wednesday. The stock has a market capitalization of $87.79 billion, a P/E ratio of 20.88, a P/E/G ratio of 3.93 and a beta of 0.94. The business has a 50 day simple moving average of $39.43 and a 200 day simple moving average of $37.06. 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 Inc. has a one year low of $31.03 and a one year high of $41.22.

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

Enbridge Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a $0.669 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date was Thursday, August 15th. Enbridge’s dividend payout ratio (DPR) is 134.01%.

Analysts Set New Price Targets

Separately, Jefferies Financial Group lowered Enbridge from a “buy” rating to a “hold” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $51.50.

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.