Icon Wealth Advisors LLC Raises Stake in Enbridge Inc. (NYSE:ENB)

Icon Wealth Advisors LLC increased its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 5.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 13,650 shares of the pipeline company’s stock after buying an additional 650 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Enbridge were worth $554,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Cibc World Market Inc. raised its holdings in shares of Enbridge by 12.8% in the 2nd quarter. Cibc World Market Inc. now owns 32,531,675 shares of the pipeline company’s stock worth $1,157,802,000 after purchasing an additional 3,693,495 shares during the period. CIBC Asset Management Inc raised its stake in shares of Enbridge by 4.0% in the third quarter. CIBC Asset Management Inc now owns 24,161,024 shares of the pipeline company’s stock valued at $984,205,000 after buying an additional 936,863 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Enbridge by 3.7% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 23,083,951 shares of the pipeline company’s stock valued at $821,331,000 after buying an additional 827,540 shares during the last quarter. Toronto Dominion Bank grew its stake in shares of Enbridge by 3.6% during the 2nd quarter. Toronto Dominion Bank now owns 18,703,423 shares of the pipeline company’s stock worth $665,655,000 after acquiring an additional 644,526 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Enbridge by 27.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company’s stock worth $498,734,000 after acquiring an additional 2,668,692 shares during the last quarter. Institutional investors own 54.60% of the company’s stock.

Enbridge Price Performance

ENB stock opened at $43.39 on Friday. The firm has a 50 day moving average of $41.62 and a 200-day moving average of $38.86. The firm has a market capitalization of $94.51 billion, a P/E ratio of 20.09, a price-to-earnings-growth ratio of 4.22 and a beta of 0.93. Enbridge Inc. has a 12 month low of $32.85 and a 12 month high of $43.70. 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 (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, November 1st. The pipeline company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.40 by $0.15. The firm had revenue of $10.91 billion during the quarter, compared to the consensus estimate of $4.54 billion. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. During the same period last year, the firm earned $0.46 EPS. As a group, sell-side analysts predict that Enbridge Inc. will post 2.04 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be given a dividend of $0.676 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.23%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Enbridge’s previous quarterly dividend of $0.67. Enbridge’s dividend payout ratio (DPR) is 121.76%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company upgraded shares of Enbridge from an “underweight” rating to an “equal weight” rating in a research note on Wednesday, November 6th. Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They issued an “equal weight” rating for the company. Finally, Jefferies Financial Group cut Enbridge from a “buy” rating to a “hold” rating in a research report on Monday, September 30th.

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.