Assenagon Asset Management S.A. Lowers Stake in Enbridge Inc $ENB

Key Points

• Assenagon Asset Management cut its Enbridge stake by 54.5% in the second quarter, selling 96,576 shares and retaining 80,753 shares worth approximately $4.38 million. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge reported quarterly adjusted earnings of $0.46 per share, beating estimates by $0.03, while revenue reached $9.70 billion versus the $8.67 billion consensus estimate.
• Enbridge declared a quarterly dividend of $0.97 per share, or $3.88 annually, representing a 7.5% yield. Analysts maintain a consensus “Hold” rating with an average price target of $67.

Assenagon Asset Management S.A. lessened its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 54.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 80,753 shares of the pipeline company's stock after selling 96,576 shares during the period. Assenagon Asset Management S.A.'s holdings in Enbridge were worth $4,378,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 55 North Private Wealth LLC acquired a new stake in shares of Enbridge during the second quarter worth about $251,000. Evanson Financial LLC acquired a new position in shares of Enbridge in the second quarter valued at approximately $917,000. Balefire LLC increased its stake in Enbridge by 11.2% during the 2nd quarter. Balefire LLC now owns 12,670 shares of the pipeline company's stock worth $687,000 after buying an additional 1,273 shares during the period. Graves Light Lenhart Wealth Inc. increased its stake in Enbridge by 2.6% during the 2nd quarter. Graves Light Lenhart Wealth Inc. now owns 9,169 shares of the pipeline company's stock worth $497,000 after buying an additional 234 shares during the period. Finally, GAMMA Investing LLC increased its stake in Enbridge by 129.1% during the 2nd quarter. GAMMA Investing LLC now owns 3,056 shares of the pipeline company's stock worth $166,000 after buying an additional 1,722 shares during the period. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Stock Performance

NYSE:ENB opened at $51.44 on Thursday. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The firm has a market capitalization of $112.35 billion, a PE ratio of 27.51 and a beta of 0.58. The business's fifty day moving average price is $54.88 and its 200 day moving average price is $53.91.

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, topping the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The business had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. On average, sell-side analysts anticipate that Enbridge Inc will post 2.1 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. Enbridge's payout ratio is currently 147.06%.

Analyst Ratings Changes

Several equities analysts have commented on ENB shares. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research note on Monday, August 3rd. TD Securities reiterated a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. Finally, Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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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