65,838 Shares in Enbridge Inc $ENB Acquired by Burkett Asset Management Ltd

Key Points

• Burkett Asset Management acquired 65,838 Enbridge shares worth approximately $3.07 million, making the stock 2.9% of its portfolio and its 12th-largest holding. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge reported quarterly EPS of $0.46, exceeding the $0.43 consensus estimate, while revenue reached $9.70 billion versus expectations of $8.67 billion.
• The company’s quarterly dividend is C$0.97 per share, or C$3.88 annualized, representing an 8.3% yield. Analysts have a consensus “Moderate Buy” rating and a $65.88 target price, compared with a share price of $46.92.

Burkett Asset Management Ltd bought a new position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the third quarter, according to the company in its most recent disclosure with the SEC. The fund bought 65,838 shares of the pipeline company's stock, valued at approximately $3,070,000. Enbridge accounts for about 2.9% of Burkett Asset Management Ltd's investment portfolio, making the stock its 12th largest position.

A number of other hedge funds have also added to or reduced their stakes in the stock. GK Wealth Management LLC purchased a new position in shares of Enbridge in the 3rd quarter worth $25,000. Arlington Trust Co LLC grew its holdings in shares of Enbridge by 114.6% in the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after acquiring an additional 267 shares during the period. Quintet Private Bank Europe S.A. increased its position in Enbridge by 100.0% during the third quarter. Quintet Private Bank Europe S.A. now owns 600 shares of the pipeline company's stock valued at $28,000 after acquiring an additional 300 shares during the last quarter. City Holding Co. increased its position in Enbridge by 121.5% during the second quarter. City Holding Co. now owns 649 shares of the pipeline company's stock valued at $35,000 after acquiring an additional 356 shares during the last quarter. Finally, Steigerwald Gordon & Koch Inc. increased its position in Enbridge by 99.7% during the first quarter. Steigerwald Gordon & Koch Inc. now owns 691 shares of the pipeline company's stock valued at $37,000 after acquiring an additional 345 shares during the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Price Performance

NYSE:ENB opened at $46.92 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The business's 50-day simple moving average is $49.19 and its two-hundred day simple moving average is $52.92. The stock has a market cap of $104.57 billion, a PE ratio of 25.09, a P/E/G ratio of 5.53 and a beta of 0.60. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%. During the same period in the previous year, the business earned $0.65 earnings per share. As a group, analysts forecast that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a C$0.97 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 8.3%. Enbridge's payout ratio is currently 147.06%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ENB shares. National Bank Financial raised Enbridge from a "sector perform" rating to an "outperform" rating in a report on Tuesday, September 15th. Scotiabank upgraded Enbridge to a "strong-buy" rating in a research note on Thursday, September 17th. US Capital Advisors raised shares of Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Enbridge currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.88.

About Enbridge

Enbridge Inc NYSE: ENB is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge's liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.

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