Groesbeck Investment Management Corp NJ Makes New Investment in Enbridge Inc. (NYSE:ENB)

Groesbeck Investment Management Corp NJ bought a new position in Enbridge Inc. (NYSE:ENB - Free Report) TSE: ENB in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 12,199 shares of the pipeline company's stock, valued at approximately $518,000.

A number of other hedge funds have also bought and sold shares of ENB. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Enbridge by 1,514.7% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 4,799,345 shares of the pipeline company's stock worth $194,938,000 after buying an additional 4,502,115 shares during the last quarter. Pathway Financial Advisers LLC grew its stake in shares of Enbridge by 4,120.0% during the 3rd quarter. Pathway Financial Advisers LLC now owns 4,571,669 shares of the pipeline company's stock valued at $185,655,000 after purchasing an additional 4,463,335 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Enbridge by 27.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 12,278,739 shares of the pipeline company's stock valued at $498,734,000 after purchasing an additional 2,668,692 shares during the period. National Bank of Canada FI grew its stake in shares of Enbridge by 12.8% during the 3rd quarter. National Bank of Canada FI now owns 18,163,353 shares of the pipeline company's stock valued at $737,754,000 after purchasing an additional 2,061,758 shares during the period. Finally, Kayne Anderson Capital Advisors LP grew its stake in shares of Enbridge by 55.2% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 4,143,265 shares of the pipeline company's stock valued at $168,258,000 after purchasing an additional 1,472,789 shares during the period. Hedge funds and other institutional investors own 54.60% of the company's stock.

Wall Street Analysts Forecast Growth

ENB has been the subject of a number of recent research reports. Morgan Stanley initiated coverage on Enbridge in a research note on Friday, October 25th. They set an "equal weight" rating for the company. TD Securities initiated coverage on Enbridge in a research note on Wednesday, January 15th. They set a "buy" rating for the company. Royal Bank of Canada restated an "outperform" rating and set a $63.00 price target (up from $59.00) on shares of Enbridge in a research note on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded Enbridge from an "underweight" rating to an "equal weight" rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, Enbridge currently has a consensus rating of "Hold" and a consensus target price of $63.00.

Enbridge Stock Up 1.9 %

Shares of ENB opened at $43.73 on Wednesday. The stock has a market capitalization of $95.25 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 4.02 and a beta of 0.94. Enbridge Inc. has a 1 year low of $32.85 and a 1 year high of $45.78. The business's 50 day simple moving average is $43.11 and its 200-day simple moving average is $41.27. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.62 and a quick ratio of 0.54.

Enbridge Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Saturday, February 15th will be issued a dividend of $0.67 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $2.68 annualized dividend and a yield of 6.13%. Enbridge's payout ratio is presently 121.76%.

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.

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