Alberta Investment Management Corp Makes New $57.16 Million Investment in Enbridge Inc $ENB

Key Points

• Alberta Investment Management Corp. acquired 1.06 million Enbridge shares during the second quarter, valued at approximately $57.16 million. Institutional investors collectively own 54.6% of the company.
• Analyst sentiment remains mixed, with Enbridge carrying a consensus “Hold” rating and an average price target of $67.00; recent actions included a downgrade by Raymond James and a $50 target from Wolfe Research.
• Enbridge reported quarterly earnings of $0.46 per share, beating estimates, while declaring a quarterly dividend of $0.97 per share. The annualized dividend of $3.88 represents a 7.6% yield, though the payout ratio is elevated at 147.06%.

Alberta Investment Management Corp 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 SEC. The firm purchased 1,055,134 shares of the pipeline company's stock, valued at approximately $57,161,000.

A number of other institutional investors have also recently made changes to their positions in ENB. Triumph Capital Management purchased a new stake in Enbridge during the third quarter valued at $26,000. Arlington Trust Co LLC boosted its position in 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 purchasing an additional 267 shares during the last quarter. Turning Point Benefit Group Inc. bought a new stake in shares of Enbridge during the 3rd quarter valued at about $28,000. Inspire Investing LLC bought a new stake in shares of Enbridge during the 4th quarter valued at about $29,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Enbridge during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a report on Monday, August 3rd. Wolfe Research set a $50.00 price target on shares of Enbridge in a research report on Tuesday, August 4th. Finally, Raymond James Financial cut shares of Enbridge from an "outperform" rating to a "market perform" rating in a research note on Friday, July 31st. Four investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Enbridge has an average rating of "Hold" and a consensus target price of $67.00.

Enbridge Price Performance

Shares of Enbridge stock opened at $50.89 on Monday. The stock's 50-day simple moving average is $54.67 and its 200-day simple moving average is $53.95. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a market capitalization of $111.15 billion, a price-to-earnings ratio of 27.22 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 released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The firm had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the company posted $0.65 earnings per share. As a group, analysts expect that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.6%. The ex-dividend date is Friday, August 14th. Enbridge's dividend payout ratio is presently 147.06%.

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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