Bank of Nova Scotia Lowers Stake in Enbridge Inc $ENB

Key Points

• Bank of Nova Scotia reduced its Enbridge stake by 22.1% in the first quarter, selling 1,606,610 shares and leaving it with 5,652,712 shares valued at about $306.4 million.
• Enbridge posted better-than-expected quarterly results, reporting EPS of $0.71 versus $0.69 expected and revenue of $9.37 billion, while analysts now see full-year EPS of 2.13.
• The company continues to offer a high dividend yield, with a quarterly payout of $0.97 and an annualized dividend of $3.88, translating to a 6.9% yield despite a payout ratio above 100%.

Bank of Nova Scotia cut its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 22.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,652,712 shares of the pipeline company's stock after selling 1,606,610 shares during the quarter. Bank of Nova Scotia owned about 0.26% of Enbridge worth $306,350,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of ENB. Triumph Capital Management purchased a new stake in Enbridge during the third quarter worth approximately $26,000. Turning Point Benefit Group Inc. purchased a new position in shares of Enbridge in the 3rd quarter valued at $28,000. Inspire Investing LLC purchased a new position in shares of Enbridge in the 4th quarter valued at $29,000. Garner Asset Management Corp acquired a new position in shares of Enbridge during the 4th quarter valued at $30,000. Finally, Imprint Wealth LLC acquired a new position in shares of Enbridge during the 3rd quarter valued at $31,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Price Performance

Shares of ENB stock opened at $56.38 on Friday. The firm has a fifty day simple moving average of $55.70 and a 200-day simple moving average of $53.22. The company has a market capitalization of $123.13 billion, a PE ratio of 26.47 and a beta of 0.58. Enbridge Inc has a twelve month low of $44.58 and a twelve month high of $58.45. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The firm had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. Equities research analysts anticipate that Enbridge Inc will post 2.13 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.97 dividend. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a dividend yield of 6.9%. Enbridge's payout ratio is 133.80%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of Enbridge from $76.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a research report on Tuesday. Finally, TD Securities reiterated a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $66.50.

About Enbridge

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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