Van ECK Associates Corp Buys 60,424 Shares of Enbridge Inc. (NYSE:ENB)

Van ECK Associates Corp grew its holdings in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 10.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 649,213 shares of the pipeline company’s stock after acquiring an additional 60,424 shares during the period. Van ECK Associates Corp’s holdings in Enbridge were worth $26,752,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. TruNorth Capital Management LLC bought a new position in Enbridge during the second quarter worth $28,000. William B. Walkup & Associates Inc. bought a new stake in shares of Enbridge during the second quarter worth about $28,000. Ameritas Investment Partners Inc. bought a new stake in shares of Enbridge during the first quarter worth about $29,000. Richardson Financial Services Inc. bought a new stake in Enbridge in the 1st quarter worth about $31,000. Finally, Grove Bank & Trust grew its position in Enbridge by 56.7% in the 3rd quarter. Grove Bank & Trust now owns 771 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 279 shares in the last quarter. Institutional investors own 54.60% of the company’s stock.

Analysts Set New Price Targets

ENB has been the topic of a number of research analyst reports. Jefferies Financial Group cut shares of Enbridge from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Morgan Stanley initiated coverage on shares of Enbridge in a research note on Friday, October 25th. They set an “equal weight” rating on the stock.

Enbridge Stock Performance

NYSE ENB opened at $40.83 on Tuesday. Enbridge Inc. has a 1 year low of $32.76 and a 1 year high of $42.16. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.77 and a quick ratio of 0.68. The stock has a market capitalization of $88.92 billion, a PE ratio of 18.90, a P/E/G ratio of 3.91 and a beta of 0.93. The company’s 50 day simple moving average is $40.75 and its two-hundred day simple moving average is $38.05.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its earnings results on Friday, August 2nd. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.13. The business had revenue of $8.29 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Enbridge had a net margin of 13.31% and a return on equity of 10.07%. During the same period in the prior year, the company posted $0.51 EPS. Analysts predict that Enbridge Inc. will post 2.07 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 15th will be issued a $0.676 dividend. This is a positive change from Enbridge’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 6.62%. Enbridge’s dividend payout ratio is presently 121.76%.

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.