Pinnacle Financial Partners Inc Increases Holdings in Enbridge Inc. (NYSE:ENB)

Pinnacle Financial Partners Inc increased its position in Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB by 8.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 188,244 shares of the pipeline company's stock after purchasing an additional 15,207 shares during the period. Pinnacle Financial Partners Inc's holdings in Enbridge were worth $7,650,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC bought a new position in shares of Enbridge in the second quarter worth about $28,000. William B. Walkup & Associates Inc. purchased a new position in shares of Enbridge in the 2nd quarter worth approximately $28,000. Ameritas Investment Partners Inc. purchased a new position in shares of Enbridge in the 1st quarter worth approximately $29,000. Grove Bank & Trust boosted its holdings in shares of 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 during the period. Finally, MFA Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 280 shares during the last quarter. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of Enbridge stock traded up $0.61 during mid-day trading on Thursday, reaching $43.10. 5,623,901 shares of the stock traded hands, compared to its average volume of 4,876,185. The company has a quick ratio of 0.54, a current ratio of 0.62 and a debt-to-equity ratio of 1.41. The business has a 50-day moving average of $41.06 and a 200 day moving average of $38.35. The stock has a market capitalization of $93.86 billion, a PE ratio of 19.82, a PEG ratio of 4.10 and a beta of 0.93. Enbridge Inc. has a fifty-two week low of $32.76 and a fifty-two week high of $43.31.

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

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Friday, November 15th will be issued a dividend of $0.676 per share. This represents a $2.70 dividend on an annualized basis and a yield of 6.27%. This is an increase from Enbridge's previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Friday, November 15th. Enbridge's payout ratio is 122.22%.

Analyst Upgrades and Downgrades

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

Enbridge Company 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.