BROOKFIELD Corp ON Decreases Stock Position in Enbridge Inc $ENB

Key Points

• Brookfield reduced its Enbridge position by 30.9% in the first quarter, selling 576,665 shares and retaining 1.29 million shares valued at approximately $69.8 million.
• Enbridge reported quarterly EPS of $0.71, exceeding estimates of $0.69, while revenue reached $9.37 billion versus the $8.49 billion consensus forecast.
• The company’s quarterly dividend is $0.97 per share, equivalent to an annualized yield of approximately 6.8%; analysts maintain a “Moderate Buy” consensus with an average price target of $66.50.

BROOKFIELD Corp ON decreased its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 30.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,289,260 shares of the pipeline company's stock after selling 576,665 shares during the period. Enbridge makes up approximately 0.1% of BROOKFIELD Corp ON's investment portfolio, making the stock its 29th largest holding. BROOKFIELD Corp ON owned 0.06% of Enbridge worth $69,801,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ENB. Lazard Asset Management LLC grew its position in Enbridge by 31.5% during the 1st quarter. Lazard Asset Management LLC now owns 9,893 shares of the pipeline company's stock worth $536,000 after purchasing an additional 2,370 shares during the last quarter. Gateway Wealth Partners LLC raised its holdings in shares of Enbridge by 199.7% in the first quarter. Gateway Wealth Partners LLC now owns 15,615 shares of the pipeline company's stock worth $845,000 after buying an additional 10,405 shares during the last quarter. Bradley Foster & Sargent Inc. CT raised its holdings in shares of Enbridge by 0.3% in the first quarter. Bradley Foster & Sargent Inc. CT now owns 500,945 shares of the pipeline company's stock worth $27,126,000 after buying an additional 1,352 shares during the last quarter. Lombard Odier Asset Management Switzerland SA lifted its stake in shares of Enbridge by 6.3% during the first quarter. Lombard Odier Asset Management Switzerland SA now owns 85,494 shares of the pipeline company's stock worth $4,629,000 after buying an additional 5,100 shares during the period. Finally, Aristotle Atlantic Partners LLC acquired a new stake in shares of Enbridge during the first quarter worth $812,000. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Trading Down 0.0%

Shares of Enbridge stock opened at $56.84 on Monday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. The firm has a fifty day moving average price of $55.73 and a 200 day moving average price of $53.29. Enbridge Inc has a 1 year low of $44.58 and a 1 year high of $58.45. The stock has a market cap of $124.13 billion, a PE ratio of 26.68 and a beta of 0.58.

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

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.8%. Enbridge's dividend payout ratio (DPR) is presently 133.80%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Royal Bank Of Canada lifted their price target on Enbridge from $76.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Scotiabank reiterated an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Finally, Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Enbridge currently has a consensus rating of "Moderate Buy" and an average target price of $66.50.

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.

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