Kingsview Wealth Management LLC Buys 35,711 Shares of Enbridge Inc. (NYSE:ENB)

Kingsview Wealth Management LLC increased its stake in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 76.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,130 shares of the pipeline company’s stock after purchasing an additional 35,711 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Enbridge were worth $3,335,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. TruNorth Capital Management LLC acquired a new stake in shares of Enbridge in the 2nd quarter valued at $28,000. William B. Walkup & Associates Inc. bought a new position in Enbridge in the second quarter valued at about $28,000. Grove Bank & Trust increased its position in Enbridge by 56.7% in the third quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares during the period. MFA Wealth Advisors LLC raised its holdings in Enbridge by 55.6% during the 3rd quarter. MFA Wealth Advisors LLC now owns 784 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 280 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new position in Enbridge during the 3rd quarter valued at about $35,000. Institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

Shares of NYSE:ENB opened at $43.26 on Monday. The firm’s 50 day simple moving average is $41.40 and its 200 day simple moving average is $38.69. Enbridge Inc. has a fifty-two week low of $32.85 and a fifty-two week high of $43.70. The company has a market capitalization of $94.22 billion, a price-to-earnings ratio of 20.03, a P/E/G ratio of 4.23 and a beta of 0.93. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, November 1st. The pipeline company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.15. Enbridge had a net margin of 13.54% and a return on equity of 9.94%. The company had revenue of $10.91 billion for the quarter, compared to analyst estimates of $4.54 billion. During the same period last year, the business posted $0.46 earnings per share. As a group, sell-side analysts forecast that Enbridge Inc. will post 2.06 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be paid a $0.676 dividend. This represents a $2.70 dividend on an annualized basis and a yield of 6.25%. This is a boost from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date is Friday, November 15th. Enbridge’s payout ratio is presently 121.76%.

Wall Street Analyst Weigh In

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

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.