MFG Wealth Management Inc. Takes Position in Enbridge Inc. (NYSE:ENB)

MFG Wealth Management Inc. bought a new position in Enbridge Inc. (NYSE:ENB) (TSE:ENB) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 50,447 shares of the pipeline company’s stock, valued at approximately $2,140,000. Enbridge comprises 2.0% of MFG Wealth Management Inc.’s portfolio, making the stock its 23rd largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ENB. McIlrath & Eck LLC raised its stake in shares of Enbridge by 74.9% in the third quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 295 shares during the last quarter. Albion Financial Group UT purchased a new position in Enbridge during the 4th quarter worth approximately $29,000. Grove Bank & Trust lifted its stake in Enbridge by 56.7% during the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 279 shares during the period. MFA Wealth Advisors LLC lifted its stake in Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock valued at $32,000 after acquiring an additional 280 shares during the period. Finally, Fortitude Family Office LLC purchased a new stake in shares of Enbridge in the 3rd quarter valued at $35,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of NYSE ENB opened at $45.15 on Thursday. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $45.78. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.54 and a current ratio of 0.62. The company’s fifty day moving average price is $43.27 and its 200 day moving average price is $41.60. The company has a market capitalization of $98.36 billion, a PE ratio of 20.90, a price-to-earnings-growth ratio of 4.08 and a beta of 0.94.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Saturday, February 15th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date of this dividend is Friday, February 14th. Enbridge’s dividend payout ratio (DPR) is presently 121.76%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ENB. Royal Bank of Canada reissued an “outperform” rating and set a $63.00 target price (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Morgan Stanley assumed coverage on Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating for the company. TD Securities assumed coverage on Enbridge in a research note on Wednesday, January 15th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company raised Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.00.

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.