Avidian Wealth Enterprises LLC Buys 38,230 Shares of Enbridge Inc $ENB

Key Points

• Avidian Wealth Enterprises increased its Enbridge stake by 364.9% in the third quarter, purchasing 38,230 additional shares for a total holding of 48,706 shares valued at approximately $2.26 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 54.6% of Enbridge’s shares. Several major investors, including Deutsche Bank and Ontario Teachers’ Pension Plan, recently initiated sizable positions.
• Enbridge reported quarterly earnings of $0.46 per share, exceeding estimates, and maintains an annualized dividend of C$3.88, yielding about 8.3%. Analysts give the stock a consensus “Moderate Buy” rating with a target price of $65.88.

Avidian Wealth Enterprises LLC raised its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 364.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,706 shares of the pipeline company's stock after acquiring an additional 38,230 shares during the period. Avidian Wealth Enterprises LLC's holdings in Enbridge were worth $2,264,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ENB. Deutsche Bank AG acquired a new position in shares of Enbridge in the second quarter valued at approximately $1,850,502,000. Ontario Teachers Pension Plan Board purchased a new stake in shares of Enbridge during the second quarter worth approximately $467,782,000. Auto Owners Insurance Co lifted its holdings in shares of Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company's stock worth $40,975,000 after purchasing an additional 8,387,721 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Enbridge during the second quarter worth $412,627,000. Finally, Bank of America Corp DE purchased a new position in Enbridge in the 2nd quarter valued at $380,896,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Up 1.4%

Shares of NYSE ENB opened at $46.55 on Friday. The stock has a market capitalization of $103.74 billion, a price-to-earnings ratio of 24.89, a price-to-earnings-growth ratio of 5.44 and a beta of 0.60. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The firm has a 50-day moving average price of $49.49 and a 200 day moving average price of $53.03. 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 issued its earnings results 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 company had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business posted $0.65 earnings per share. Equities research analysts anticipate that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were issued a C$0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.3%. Enbridge's dividend payout ratio is currently 147.06%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ENB shares. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. BMO Capital Markets raised shares of Enbridge from a "market perform" rating to an "outperform" rating and set a $79.50 target price on the stock in a report on Monday, September 14th. Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a "neutral" rating to a "sector outperform" rating in a research note on Thursday, August 27th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Enbridge in a report on Monday, September 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $65.88.

Enbridge Company Profile

Enbridge Inc NYSE: ENB is a Canadian energy infrastructure company that transports and distributes oil, natural gas and renewable energy across North America. Its operations include crude oil and liquids pipelines, natural gas transmission and storage, natural gas distribution and utility services, and renewable power generation. The company serves customers and communities in Canada and the United States.

Enbridge's liquids pipeline network transports crude oil and other liquid hydrocarbons to refineries, export terminals and market hubs.

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