Argent Trust Co Buys 6,353 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Argent Trust Co increased its stake in Enbridge Inc by 5.7%, acquiring an additional 6,353 shares for a total of 118,225 shares valued at $5,239,000.
• Enbridge recently reported earnings of $0.47 per share for the quarter, surpassing analysts' estimates of $0.41, though the company's revenue fell short of expectations at $7.14 billion.
• Enbridge announced a quarterly dividend increase to $0.6839, reflecting a 5.9% yield, and has a current dividend payout ratio of 140.21%.

Argent Trust Co boosted its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 5.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 118,225 shares of the pipeline company's stock after acquiring an additional 6,353 shares during the quarter. Argent Trust Co's holdings in Enbridge were worth $5,239,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. TD Asset Management Inc lifted its position in Enbridge by 1.3% during the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock valued at $1,737,602,000 after purchasing an additional 513,058 shares during the period. Deutsche Bank AG raised its position in shares of Enbridge by 13.9% in the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock valued at $1,541,745,000 after acquiring an additional 4,426,684 shares during the period. Mackenzie Financial Corp raised its position in shares of Enbridge by 1.7% in the 4th quarter. Mackenzie Financial Corp now owns 18,880,985 shares of the pipeline company's stock valued at $800,507,000 after acquiring an additional 319,435 shares during the period. Scotia Capital Inc. raised its position in shares of Enbridge by 1.4% in the 4th quarter. Scotia Capital Inc. now owns 14,500,982 shares of the pipeline company's stock valued at $614,763,000 after acquiring an additional 193,463 shares during the period. Finally, FIL Ltd raised its position in shares of Enbridge by 17.0% in the 4th quarter. FIL Ltd now owns 10,084,416 shares of the pipeline company's stock valued at $428,015,000 after acquiring an additional 1,466,183 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Up 2.0%

Enbridge stock opened at $46.18 on Friday. The company has a market cap of $100.69 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 4.30 and a beta of 0.79. Enbridge Inc has a 1-year low of $36.50 and a 1-year high of $47.44. The company has a fifty day simple moving average of $45.39 and a 200 day simple moving average of $44.55. The company has a current ratio of 0.73, a quick ratio of 0.66 and a debt-to-equity ratio of 1.51.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its earnings results 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 net margin of 10.16% and a return on equity of 10.41%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the firm earned $0.58 earnings per share. Research analysts anticipate that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 15th will be paid a $0.6839 dividend. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. Enbridge's dividend payout ratio (DPR) is 140.21%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on ENB shares. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Royal Bank Of Canada reissued an "outperform" rating and set a $67.00 target price on shares of Enbridge in a research note on Monday, May 12th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Raymond James Financial raised Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Enbridge presently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Company 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.

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