Bank of America Corp DE Invests $380.90 Million in Enbridge Inc $ENB

Key Points

• Bank of America acquired 7.03 million Enbridge shares worth approximately $380.9 million, representing about 0.32% of the company. Institutional investors collectively own 54.6% of Enbridge.
• Analyst sentiment is broadly positive: nine analysts rate Enbridge a Buy and four rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $71.17.
• Enbridge reported quarterly EPS of $0.46, above the $0.43 estimate, and maintains an attractive quarterly dividend of $0.97 per share, equivalent to an annualized yield of about 8.0%.

Bank of America Corp DE acquired a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,026,305 shares of the pipeline company's stock, valued at approximately $380,896,000. Bank of America Corp DE owned about 0.32% of Enbridge at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Empowered Funds LLC boosted its holdings in Enbridge by 24.2% during the 1st quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company's stock worth $5,956,000 after acquiring an additional 21,442 shares during the last quarter. SCS Capital Management LLC purchased a new stake in shares of Enbridge during the 2nd quarter worth approximately $9,204,000. BlackRock Inc. purchased a new stake in Enbridge in the second quarter worth $183,623,000. Western Wealth Management LLC increased its holdings in Enbridge by 346.8% in the 1st quarter. Western Wealth Management LLC now owns 36,190 shares of the pipeline company's stock worth $1,959,000 after acquiring an additional 28,091 shares during the last quarter. Finally, Energy Income Partners LLC bought a new stake in shares of Enbridge in the second quarter valued at approximately $31,292,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. BMO Capital Markets raised Enbridge from a "market perform" rating to an "outperform" rating and set a $79.50 price target for the company in a research note on Monday. Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a "neutral" rating to a "sector outperform" rating in a research report on Thursday, August 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research report on Wednesday, August 19th. Finally, Scotiabank reiterated an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $71.17.

Enbridge Stock Up 0.5%

Shares of Enbridge stock opened at $48.39 on Wednesday. The company has a market cap of $105.69 billion, a price-to-earnings ratio of 25.88, a price-to-earnings-growth ratio of 5.69 and a beta of 0.57. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The company's 50 day moving average is $52.40 and its 200 day moving average is $53.82.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion during the quarter, compared to analysts' expectations of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same period in the prior year, the company earned $0.65 earnings per share. Research analysts anticipate that Enbridge Inc will post 2.12 EPS for the current year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 8.0%. The ex-dividend date of this dividend was Friday, August 14th. Enbridge's payout ratio is currently 147.06%.

Key Enbridge News

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: BMO upgraded Enbridge to “Outperform,” citing the stock’s recent weakness and improving visibility into growth projects. The call suggests valuation has become more attractive despite leverage and execution risks. BMO upgrades Enbridge to outperform, cites pull-back and growth visibility
• Positive Sentiment: Enbridge launched a non-binding open season for the proposed West Texas Express natural-gas pipeline. The project would transport Permian Basin gas from the Waha area toward El Paso and nearby markets, potentially adding future contracted revenue if sufficient customer commitments are secured. Enbridge launches open season for proposed Texas natgas pipe
• Positive Sentiment: Line 5 has returned to service after an August NGL leak and subsequent repairs, removing a near-term operational disruption and restoring transportation capacity. Enbridge returns Line 5 to service after August spill
• Positive Sentiment: Enbridge agreed to acquire Blackstone-owned Tallgrass Energy’s crude-oil business for $2.55 billion. The transaction would expand its U.S. liquids network through interests in the Pony Express and Powder River Gateway systems, storage assets, and additional contracted cash flows. Enbridge Expands U.S. Crude Footprint With $2.55B Tallgrass Deal
• Negative Sentiment: Enbridge completed a CDN$3.0 billion common-share offering, issuing 44.735 million shares. The proceeds strengthen funding flexibility for acquisitions and projects, but the added share count dilutes existing shareholders and may weigh on per-share metrics. Enbridge Announces the Closing of CDN$3.0 Billion Common Equity Offering
• Neutral Sentiment: A fire at Enbridge’s Superior, Wisconsin, offices and the earlier Line 5 incident could attract additional scrutiny, although Line 5’s restoration limits the immediate financial impact. Police, fire investigate fire at Enbridge's Superior offices

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company headquartered in Calgary, Alberta. Founded in 1949 as Interprovincial Pipe Line, the company has grown into one of North America's largest energy delivery businesses, operating primarily in Canada and the United States.

Enbridge's operations include crude oil and liquids pipelines, natural gas transmission and storage, and natural gas distribution and utility services. Its pipeline systems transport energy products from producing regions to refineries, export facilities, utilities and other customers.

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