Assetmark Inc. Purchases 100,756 Shares of Enbridge Inc $ENB

Key Points

• Assetmark Inc. increased its Enbridge stake by 14.5% in the first quarter, adding 100,756 shares and bringing its total holding to 794,748 shares valued at about $43.0 million.
• Enbridge continues to attract institutional and analyst attention: 54.6% of the stock is owned by institutions, and Wall Street’s consensus rating is Moderate Buy with an average price target of $66.50.
• The company recently reported better-than-expected earnings and revenue for the quarter and paid a quarterly dividend of $0.97 per share, implying an annualized yield of about 6.8%.

Assetmark Inc. grew its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 14.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 794,748 shares of the pipeline company's stock after acquiring an additional 100,756 shares during the period. Assetmark Inc.'s holdings in Enbridge were worth $43,028,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in ENB. Triumph Capital Management acquired a new stake in Enbridge in the 3rd quarter valued at $26,000. Turning Point Benefit Group Inc. acquired a new position in Enbridge during the third quarter worth $28,000. Inspire Investing LLC acquired a new position in Enbridge during the fourth quarter worth $29,000. Garner Asset Management Corp bought a new position in shares of Enbridge in the fourth quarter valued at $30,000. Finally, Imprint Wealth LLC acquired a new position in shares of Enbridge during the third quarter valued at about $31,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on ENB shares. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Royal Bank Of Canada raised their price target on shares of Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Finally, TD Securities reissued a "hold" rating on shares of Enbridge in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $66.50.

Enbridge Price Performance

Shares of NYSE:ENB opened at $56.68 on Friday. The company has a market capitalization of $123.79 billion, a P/E ratio of 26.61 and a beta of 0.58. The company's 50-day moving average is $55.64 and its 200 day moving average is $52.96. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. Enbridge Inc has a fifty-two week low of $44.53 and a fifty-two week high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same quarter in the prior year, the business earned $1.03 earnings per share. On average, equities research analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 6.8%. Enbridge's dividend payout ratio is currently 133.80%.

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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