ProVise Management Group LLC Grows Holdings in Enbridge Inc. (NYSE:ENB)

ProVise Management Group LLC grew its stake in Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 2.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,957 shares of the pipeline company’s stock after buying an additional 4,502 shares during the period. ProVise Management Group LLC’s holdings in Enbridge were worth $7,671,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Canoe Financial LP increased its stake in shares of Enbridge by 80,631.1% in the 4th quarter. Canoe Financial LP now owns 33,460,611 shares of the pipeline company’s stock worth $1,205,251,000 after acquiring an additional 33,419,164 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Enbridge by 630.3% during the third quarter. Wellington Management Group LLP now owns 32,531,108 shares of the pipeline company’s stock valued at $1,083,938,000 after buying an additional 28,076,386 shares during the last quarter. Norges Bank bought a new stake in shares of Enbridge during the fourth quarter valued at approximately $714,662,000. Vanguard Group Inc. grew its holdings in shares of Enbridge by 5.7% in the third quarter. Vanguard Group Inc. now owns 81,491,857 shares of the pipeline company’s stock valued at $2,704,715,000 after purchasing an additional 4,400,848 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Enbridge by 36.9% during the third quarter. Canada Pension Plan Investment Board now owns 10,447,175 shares of the pipeline company’s stock worth $348,110,000 after buying an additional 2,814,200 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Up 0.8 %

Shares of NYSE:ENB traded up $0.27 on Friday, reaching $36.24. The company had a trading volume of 3,053,283 shares, compared to its average volume of 5,942,243. Enbridge Inc. has a twelve month low of $31.03 and a twelve month high of $38.37. The stock has a 50-day moving average price of $35.82 and a 200 day moving average price of $35.36. The stock has a market capitalization of $77.04 billion, a P/E ratio of 18.25, a P/E/G ratio of 3.46 and a beta of 0.86. The company has a quick ratio of 0.59, a current ratio of 0.68 and a debt-to-equity ratio of 1.35.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.677 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.66. The ex-dividend date is Tuesday, May 14th. This represents a $2.71 annualized dividend and a yield of 7.47%. Enbridge’s dividend payout ratio is currently 136.04%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group began coverage on Enbridge in a research report on Tuesday, February 27th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $55.20.

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.