Beacon Pointe Advisors LLC acquired a new position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 354,325 shares of the pipeline company's stock, valued at approximately $19,208,000.
A number of other institutional investors also recently bought and sold shares of ENB. Triumph Capital Management bought a new stake in shares of Enbridge during the 3rd quarter valued at $26,000. Arlington Trust Co LLC raised its holdings in Enbridge by 114.6% in the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after purchasing an additional 267 shares during the period. Turning Point Benefit Group Inc. purchased a new position in Enbridge during the third quarter valued at $28,000. Inspire Investing LLC purchased a new position in Enbridge during the fourth quarter valued at $29,000. Finally, Garner Asset Management Corp bought a new position in shares of Enbridge in the fourth quarter worth about $30,000. Institutional investors own 54.60% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on ENB. Scotiabank reiterated an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. TD Securities reaffirmed a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Raymond James Financial lowered shares of Enbridge from an "outperform" rating to a "market perform" rating in a research report on Friday, July 31st. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Enbridge currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.
Check Out Our Latest Stock Report on Enbridge
Enbridge Stock Performance
NYSE ENB opened at $50.17 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45. The business has a 50 day simple moving average of $53.64 and a two-hundred day simple moving average of $54.00. The stock has a market capitalization of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58.
Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The firm had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same period last year, the firm posted $0.65 earnings per share. On average, research analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.
Enbridge Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge's dividend payout ratio is currently 147.06%.
Key Stories Impacting Enbridge
Here are the key news stories impacting Enbridge this week:
- Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
- Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream's crude oil gathering business for $600M
- Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
- Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
- Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
- Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline
About Enbridge
(
Free Report)
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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