Abundance Wealth Counselors Acquires 27,104 Shares of Enbridge Inc $ENB

Key Points

• Abundance Wealth Counselors nearly doubled its Enbridge stake in the second quarter, purchasing 27,104 additional shares to bring its holdings to 56,348 shares valued at approximately $3.06 million.
• Enbridge reported quarterly earnings of $0.46 per share, beating estimates of $0.43, while revenue reached $9.70 billion versus the $8.67 billion consensus forecast.
• The company declared a quarterly dividend of $0.97 per share, or $3.88 annually, representing a 7.6% yield. Analysts maintain a consensus “Hold” rating with a $67 price target.

Abundance Wealth Counselors boosted its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 92.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 56,348 shares of the pipeline company's stock after buying an additional 27,104 shares during the period. Abundance Wealth Counselors' holdings in Enbridge were worth $3,055,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Arlington Trust Co LLC raised its holdings in shares of Enbridge by 114.6% in the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after purchasing an additional 267 shares during the period. Triumph Capital Management purchased a new position in Enbridge during the 3rd quarter valued at about $26,000. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the third quarter valued at approximately $28,000. Inspire Investing LLC purchased a new position in shares of Enbridge during the 4th quarter valued at $29,000. Finally, Imprint Wealth LLC bought a new position in Enbridge in the 3rd quarter worth about $31,000. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Shares of ENB stock opened at $51.30 on Friday. The company has a 50 day moving average price of $54.77 and a 200-day moving average price of $53.93. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The firm has a market capitalization of $112.03 billion, a PE ratio of 27.43 and a beta of 0.58. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69.

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

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's dividend payout ratio (DPR) is presently 152.41%.

Wall Street Analyst Weigh In

ENB has been the topic of a number of research analyst reports. Raymond James Financial cut Enbridge from an "outperform" rating to a "market perform" rating in a research note on Friday, July 31st. Wolfe Research set a $50.00 price target on shares of Enbridge in a report on Tuesday, August 4th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. TD Securities restated a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Four equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $67.00.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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