Addenda Capital Inc. Increases Position in Enbridge Inc $ENB

Key Points

• Addenda Capital increased its Enbridge stake by 10.8% in the second quarter, bringing its holdings to 1.56 million shares valued at approximately $84.5 million. 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. The company declared a quarterly dividend of $0.97 per share, representing a 7.7% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with a $67 price target, although regulatory and legal challenges involving the Line 5 pipeline could create delays, added costs and operational uncertainty.

Addenda Capital Inc. lifted its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 10.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,559,468 shares of the pipeline company's stock after buying an additional 152,530 shares during the quarter. Enbridge comprises 2.9% of Addenda Capital Inc.'s portfolio, making the stock its 7th largest position. Addenda Capital Inc. owned approximately 0.07% of Enbridge worth $84,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of ENB. Deutsche Bank AG purchased a new position in shares of Enbridge in the 2nd quarter valued at approximately $1,850,502,000. Norges Bank purchased a new stake in shares of Enbridge in the 4th quarter worth about $1,195,559,000. Geode Capital Management LLC increased its stake in shares of Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock worth $1,045,172,000 after acquiring an additional 1,415,995 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Enbridge by 18.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company's stock worth $1,117,353,000 after acquiring an additional 3,205,322 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Enbridge by 4.6% during the 4th quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock valued at $942,806,000 after acquiring an additional 858,323 shares during the period. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Down 0.1%

Shares of NYSE:ENB opened at $50.17 on Monday. The company has a market cap of $109.57 billion, a P/E ratio of 26.83 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a 1 year low of $45.03 and a 1 year high of $58.45. The stock's fifty day moving average price is $53.64 and its 200-day moving average price is $54.03.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion during 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 last year, the company earned $0.65 EPS. Sell-side analysts expect that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.7%. Enbridge's payout ratio is currently 147.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. TD Securities reissued a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Wolfe Research set a $50.00 price target on shares of Enbridge in a research note on Tuesday, August 4th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a "neutral" rating to a "sector outperform" rating in a research report on Thursday. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Royal Bank Of Canada lifted their target price on shares of Enbridge from $79.00 to $84.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Key Enbridge News

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream's crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

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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