Kingstone Capital Partners Texas LLC Makes New Investment in Enbridge Inc $ENB

Key Points

• Kingstone Capital Partners Texas LLC purchased 85,920 shares of Enbridge Inc, valued at approximately $3.74 million, indicating growing institutional interest in the pipeline company.
• Enbridge recently reported earnings of $0.47 per share for the quarter, exceeding expectations, even though revenue fell short of estimates at $7.14 billion.
• The company increased its quarterly dividend to $0.6839 per share, representing a 5.5% dividend yield, up from its previous distribution, reflecting strong cash flow despite a high payout ratio.

Kingstone Capital Partners Texas LLC purchased a new stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 85,920 shares of the pipeline company's stock, valued at approximately $3,736,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ENB. Vanguard Group Inc. raised its holdings in Enbridge by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock valued at $4,124,271,000 after acquiring an additional 1,569,879 shares during the period. GQG Partners LLC boosted its stake in Enbridge by 1.5% in the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock worth $3,338,405,000 after purchasing an additional 1,148,580 shares during the period. TD Asset Management Inc lifted its stake in Enbridge by 1.3% during the first quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock worth $1,737,602,000 after purchasing an additional 513,058 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Enbridge by 137.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock valued at $1,458,128,000 after purchasing an additional 19,074,827 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Enbridge by 10.5% in the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock worth $781,792,000 after acquiring an additional 1,680,116 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ENB has been the topic of several research reports. Argus lifted their price target on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Stock Down 0.5%

Shares of Enbridge stock traded down $0.25 on Monday, reaching $49.21. The stock had a trading volume of 3,258,334 shares, compared to its average volume of 2,820,199. The stock has a market capitalization of $107.31 billion, a P/E ratio of 24.24, a P/E/G ratio of 4.52 and a beta of 0.80. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $49.60. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The company has a 50 day moving average price of $47.14 and a 200 day moving average price of $45.65.

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

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were issued a dividend of $0.6839 per share. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 5.6%. Enbridge's dividend payout ratio is 134.98%.

Enbridge 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.