Cornerstone Wealth Group LLC Grows Position in Enbridge Inc $ENB

Cornerstone Wealth Group LLC raised its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 24.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,507 shares of the pipeline company’s stock after buying an additional 4,060 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Enbridge were worth $929,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Kellett Wealth Advisors LLC lifted its position in shares of Enbridge by 22.6% during the second quarter. Kellett Wealth Advisors LLC now owns 13,546 shares of the pipeline company’s stock valued at $614,000 after buying an additional 2,500 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Enbridge by 0.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 146,380 shares of the pipeline company’s stock valued at $6,628,000 after buying an additional 852 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Enbridge by 7.5% during the second quarter. Sequoia Financial Advisors LLC now owns 103,431 shares of the pipeline company’s stock valued at $4,687,000 after buying an additional 7,236 shares during the last quarter. Total Clarity Wealth Management Inc. lifted its position in shares of Enbridge by 8.5% during the second quarter. Total Clarity Wealth Management Inc. now owns 38,973 shares of the pipeline company’s stock valued at $1,766,000 after buying an additional 3,047 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its position in shares of Enbridge by 7.5% during the second quarter. Yousif Capital Management LLC now owns 30,722 shares of the pipeline company’s stock valued at $1,392,000 after buying an additional 2,135 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of NYSE:ENB opened at $47.58 on Wednesday. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company’s 50 day moving average is $48.45 and its 200 day moving average is $46.31. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The company has a market cap of $103.76 billion, a PE ratio of 23.44, a price-to-earnings-growth ratio of 4.38 and a beta of 0.78.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter in the prior year, the company earned $0.58 EPS. On average, sell-side analysts forecast that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were issued a $0.6839 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.7%. Enbridge’s dividend payout ratio is currently 134.98%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Zacks Research lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 17th. Jefferies Financial Group raised shares of Enbridge from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a research report on Tuesday, August 5th. Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Finally, Cibc World Mkts lowered shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Enbridge currently has an average rating of “Hold” and an average price target of $60.50.

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.