Cyndeo Wealth Partners LLC Buys New Stake in Enbridge Inc $ENB

Key Points

• Cyndeo Wealth Partners LLC has acquired a new stake in Enbridge Inc, purchasing 7,972 shares valued at approximately $361,000 during the second quarter.
• Enbridge recently increased its quarterly dividend to $0.6839 per share, representing a 5.7% yield, while the company's dividend payout ratio is currently 134.98%.
• Several equities analysts have given mixed ratings on Enbridge's stock, with Argus upgrading it to a "buy" while Wall Street Zen downgraded it to "sell," reflecting varied market perspectives.

Cyndeo Wealth Partners LLC acquired a new position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 7,972 shares of the pipeline company's stock, valued at approximately $361,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Dagco Inc. acquired a new position in Enbridge in the 1st quarter worth $25,000. Garde Capital Inc. acquired a new position in Enbridge in the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new position in Enbridge in the 1st quarter worth $28,000. Accent Capital Management LLC acquired a new position in Enbridge in the 1st quarter worth $30,000. Finally, Wolff Wiese Magana LLC lifted its holdings in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after buying an additional 365 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Argus boosted their price objective on shares of Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. CIBC downgraded shares of Enbridge from an "outperform" rating to a "neutral" rating in a research report on Thursday. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Finally, Cibc World Mkts downgraded shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Six analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $60.50.

Enbridge Trading Down 0.7%

Shares of NYSE:ENB opened at $47.67 on Friday. The company has a 50 day moving average of $48.41 and a 200-day moving average of $46.26. The firm has a market cap of $103.96 billion, a P/E ratio of 23.48, a P/E/G ratio of 4.37 and a beta of 0.78. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $50.54. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. The company had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period in the prior year, the business posted $0.58 EPS. As a group, analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a dividend of $0.6839 per share. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is currently 134.98%.

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.

Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.