Cherokee Insurance Co Makes New Investment in Enbridge Inc $ENB

Cherokee Insurance Co purchased a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 11,413 shares of the pipeline company’s stock, valued at approximately $517,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC acquired a new position in Enbridge in the 4th quarter valued at $261,000. Bleakley Financial Group LLC lifted its position in Enbridge by 1.9% during the 1st quarter. Bleakley Financial Group LLC now owns 19,684 shares of the pipeline company’s stock worth $872,000 after acquiring an additional 367 shares during the last quarter. Dakota Wealth Management boosted its holdings in Enbridge by 74.0% during the first quarter. Dakota Wealth Management now owns 31,759 shares of the pipeline company’s stock valued at $1,407,000 after acquiring an additional 13,505 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Enbridge by 6.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,182,193 shares of the pipeline company’s stock valued at $185,313,000 after purchasing an additional 257,730 shares during the last quarter. Finally, Bridgewater Advisors Inc. bought a new position in shares of Enbridge in the first quarter worth about $241,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on the company. CIBC downgraded Enbridge from an “outperform” rating to a “neutral” rating in a research note on Thursday, October 9th. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research report on Monday. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, August 12th. Cibc World Mkts downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Finally, Wall Street Zen lowered shares of Enbridge from a “hold” rating to a “sell” rating in a research report on Sunday, September 21st. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Enbridge currently has an average rating of “Moderate Buy” and an average price target of $63.00.

Enbridge Stock Performance

Shares of NYSE ENB opened at $48.77 on Thursday. The business has a fifty day simple moving average of $48.28 and a 200 day simple moving average of $46.81. 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 firm has a market capitalization of $106.37 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 4.31 and a beta of 0.76. Enbridge Inc has a one year low of $39.73 and a one year high of $50.54.

Enbridge (NYSE:ENB) (TSE:ENB) last posted its quarterly earnings results on Friday, November 7th. The pipeline company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.06). The business had revenue of $7 billion for the quarter, compared to analyst estimates of $8.45 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter in the prior year, the firm earned $0.55 EPS. Sell-side analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be paid a $0.9425 dividend. The ex-dividend date of this dividend is Friday, November 14th. This is an increase from Enbridge’s previous quarterly dividend of $0.68. This represents a $3.77 dividend on an annualized basis and a yield of 7.7%. Enbridge’s payout ratio is presently 147.25%.

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.