Van ECK Associates Corp Acquires 67,259 Shares of Enbridge Inc. (NYSE:ENB)

Van ECK Associates Corp grew its position in shares of Enbridge Inc. (NYSE:ENB) (TSE:ENB) by 10.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 716,472 shares of the pipeline company’s stock after acquiring an additional 67,259 shares during the quarter. Van ECK Associates Corp’s holdings in Enbridge were worth $30,392,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ENB. McIlrath & Eck LLC boosted its position in shares of Enbridge by 74.9% during the 3rd quarter. McIlrath & Eck LLC now owns 689 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 295 shares during the last quarter. Albion Financial Group UT bought a new position in shares of Enbridge during the 4th quarter valued at approximately $29,000. MFA Wealth Advisors LLC boosted its position 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 valued at $32,000 after acquiring an additional 280 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Enbridge during the 3rd quarter valued at approximately $35,000. Finally, Darwin Wealth Management LLC bought a new position in shares of Enbridge during the 3rd quarter valued at approximately $37,000. 54.60% of the stock is currently owned by institutional investors.

Enbridge Stock Performance

ENB stock opened at $43.13 on Friday. 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’s fifty day simple moving average is $43.33 and its two-hundred day simple moving average is $41.65. Enbridge Inc. has a twelve month low of $32.85 and a twelve month high of $45.78. The firm has a market cap of $93.95 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 4.08 and a beta of 0.94.

Enbridge Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Saturday, February 15th will be paid a $0.67 dividend. The ex-dividend date is Friday, February 14th. This represents a $2.68 dividend on an annualized basis and a yield of 6.21%. Enbridge’s payout ratio is 121.76%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. TD Securities assumed coverage on Enbridge in a research report on Wednesday, January 15th. They set a “buy” rating for the company. Morgan Stanley assumed coverage on Enbridge in a report on Friday, October 25th. They set an “equal weight” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $63.00 price target (up previously from $59.00) on shares of Enbridge in a report on Wednesday, December 4th. Finally, Wells Fargo & Company upgraded Enbridge from an “underweight” rating to an “equal weight” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Enbridge presently has a consensus rating of “Hold” and an average target price of $63.00.

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.