BlackRock Inc. Makes New $183.62 Million Investment in Enbridge Inc $ENB

Key Points

• BlackRock acquired 3.39 million Enbridge shares worth approximately $183.6 million in the second quarter, while institutional investors collectively owned 54.6% of the company.
• Analyst sentiment remains moderately bullish: Enbridge has a consensus “Moderate Buy” rating and an average price target of $67, with some firms recently raising ratings or targets.
• Enbridge reported quarterly EPS of $0.46, beating estimates, and declared a $0.97 quarterly dividend, representing an annualized yield of about 7.8%. The company is also pursuing pipeline expansions and a $600 million Salt Creek Midstream acquisition, though these initiatives add capital requirements.

BlackRock Inc. acquired a new position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,387,262 shares of the pipeline company's stock, valued at approximately $183,623,000. BlackRock Inc. owned approximately 0.16% of Enbridge at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENB. Deutsche Bank AG purchased a new stake in Enbridge in the 2nd quarter worth $1,850,502,000. Perigon Wealth Management LLC bought a new stake in Enbridge during the second quarter valued at about $570,000. Phillips Wealth Planners LLC purchased a new position in shares of Enbridge in the second quarter valued at about $304,000. Trust Co. of Vermont purchased a new position in shares of Enbridge in the second quarter valued at about $10,103,000. Finally, Principle Wealth Partners LLC bought a new position in shares of Enbridge in the second quarter worth about $796,000. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on ENB shares. Royal Bank Of Canada increased their target price on Enbridge from $79.00 to $84.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research note on Monday, August 3rd. Wolfe Research set a $50.00 price objective on shares of Enbridge in a report on Tuesday, August 4th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a "neutral" rating to an "outperform" rating in a report on Thursday. Finally, Raymond James Financial downgraded shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Key Headlines 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 (US$1.95 billion) of expansions to its Westcoast natural gas pipeline system in British Columbia. The Aspen Point and Sunrise projects are already sanctioned and supported by long-term contracts, while third-party capital reduces Enbridge’s upfront funding requirements and capital burden. Enbridge and KKR form Westcoast pipeline joint venture
• Positive Sentiment: Enbridge is acquiring Salt Creek Midstream’s crude gathering business in the Delaware Basin for US$600 million. The assets include about 500 miles of infrastructure, full ownership of the Orla and Wink North systems, and a 50% stake in Delaware Crossing. The deal expands Enbridge’s Permian footprint, strengthens its integrated crude export network, and is expected to add contracted earnings and cash flow after closing. Enbridge to buy Salt Creek Midstream crude assets
• Neutral Sentiment: Air monitoring following a gas leak during work on Enbridge’s Line 5 in Michigan’s Upper Peninsula found no hazardous gas levels. The incident appears contained, but investors may continue to monitor potential safety, regulatory, and operational consequences. Air monitoring after Enbridge Line 5 leak
• Negative Sentiment: The Salt Creek acquisition requires US$600 million in cash, adding near-term capital outlay to a company that already carries substantial debt. The expected benefits also depend on transaction closing, project execution, and continued activity in the Permian Basin.

Enbridge Price Performance

Shares of Enbridge stock opened at $49.97 on Friday. The stock has a 50 day moving average of $53.73 and a 200 day moving average of $54.03. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The firm has a market cap of $109.13 billion, a PE ratio of 26.72 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the company posted $0.65 EPS. On average, research analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.8%. Enbridge's dividend payout ratio is presently 147.06%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source