Picton Mahoney Asset Management Invests $132.11 Million in Enbridge Inc $ENB

Picton Mahoney Asset Management purchased a new position in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,924,995 shares of the pipeline company’s stock, valued at approximately $132,105,000. Enbridge makes up approximately 1.4% of Picton Mahoney Asset Management’s portfolio, making the stock its 11th biggest position.

Several other hedge funds have also recently made changes to their positions in the company. Dagco Inc. acquired a new stake in Enbridge during the first quarter worth about $25,000. Whipplewood Advisors LLC raised its position in Enbridge by 112.4% during the second quarter. Whipplewood Advisors LLC now owns 582 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 308 shares during the period. Financial Gravity Companies Inc. purchased a new position in Enbridge in the 2nd quarter valued at about $29,000. Accent Capital Management LLC purchased a new stake in shares of Enbridge during the first quarter worth approximately $30,000. Finally, Addison Advisors LLC purchased a new stake in shares of Enbridge during the second quarter worth $35,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Zacks Research cut shares of Enbridge from a “hold” rating to a “strong sell” rating in a research report on Tuesday, November 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Enbridge in a research note on Monday, November 17th. Cibc World Mkts downgraded shares of Enbridge from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Wall Street Zen downgraded shares of Enbridge from a “hold” rating to a “sell” rating in a research note on Sunday, September 21st. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Enbridge in a report on Monday, November 10th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.00.

Enbridge Stock Performance

NYSE:ENB opened at $47.97 on Monday. The firm’s fifty day simple moving average is $48.23 and its 200-day simple moving average is $46.88. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The stock has a market cap of $104.64 billion, a PE ratio of 23.63, a price-to-earnings-growth ratio of 4.31 and a beta of 0.76.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, November 7th. The pipeline company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.06). The business had revenue of $7 billion during the quarter, compared to analysts’ expectations 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 earnings per share. Analysts expect that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Friday, November 14th will be paid a dividend of $0.9425 per share. The ex-dividend date of this dividend is Friday, November 14th. This represents a $3.77 annualized dividend and a dividend yield of 7.9%. This is a boost from Enbridge’s previous quarterly dividend of $0.68. Enbridge’s dividend payout ratio is presently 147.80%.

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.