Foster Victor Wealth Advisors LLC Acquires 24,408 Shares of Enbridge Inc $ENB

Foster Victor Wealth Advisors LLC boosted its position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 339,168 shares of the pipeline company’s stock after acquiring an additional 24,408 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Enbridge were worth $15,982,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Retirement Planning Group LLC raised its holdings in shares of Enbridge by 3.6% during the first quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock valued at $290,000 after acquiring an additional 187 shares in the last quarter. Bank & Trust Co boosted its holdings in Enbridge by 0.6% in the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock valued at $1,804,000 after acquiring an additional 193 shares in the last quarter. Cornerstone Wealth Management LLC increased its position in Enbridge by 0.6% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock valued at $1,710,000 after purchasing an additional 194 shares during the period. PFG Investments LLC increased its position in Enbridge by 0.9% during the 1st quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 202 shares during the period. Finally, Clearwave Capital LLC increased its position in Enbridge by 0.9% during the 2nd quarter. Clearwave Capital LLC now owns 22,033 shares of the pipeline company’s stock valued at $1,194,000 after purchasing an additional 204 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ENB shares. Raymond James Financial reaffirmed a “market perform” rating on shares of Enbridge in a research report on Tuesday, September 15th. Wolfe Research set a $50.00 target price on Enbridge in a research note on Tuesday, August 4th. The Goldman Sachs Group started coverage on Enbridge in a research note on Wednesday, September 30th. They issued a “neutral” rating and a $50.00 target price for the company. Canadian Imperial Bank of Commerce upgraded Enbridge from a “neutral” rating to a “sector outperform” rating in a research report on Thursday, August 27th. Finally, BMO Capital Markets raised Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 price target on the stock in a research note on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.88.

Enbridge Trading Up 0.2%

NYSE:ENB opened at $47.99 on Thursday. The company’s 50 day moving average price is $48.59 and its 200-day moving average price is $52.59. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The stock has a market cap of $106.97 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 5.70 and a beta of 0.60.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%. The company had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same period last year, the firm posted $0.65 earnings per share. On average, equities research analysts forecast that Enbridge Inc will post 2.10 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a C$0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 8.1%. Enbridge’s dividend payout ratio (DPR) is presently 147.06%.

Enbridge Profile

Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.

The company’s operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.

Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.