Canandaigua National Bank & Trust Co. Buys Shares of 25,501 Enbridge Inc $ENB

Key Points

• Canandaigua National Bank & Trust acquired 25,501 Enbridge shares in the second quarter, valued at approximately $1.38 million. Institutional investors and hedge funds collectively own 54.6% of the company.
• Enbridge reported quarterly EPS of $0.46, beating analysts’ $0.43 estimate, while revenue reached $9.70 billion versus the $8.67 billion consensus forecast.
• The company declared a quarterly dividend of $0.97 per share, or $3.88 annualized, representing a 7.5% yield. Analysts maintain a consensus “Hold” rating with a $62.67 price target.

Canandaigua National Bank & Trust Co. purchased a new position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 25,501 shares of the pipeline company's stock, valued at approximately $1,382,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ENB. Arlington Trust Co LLC increased its stake in Enbridge by 114.6% in the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock valued at $27,000 after buying an additional 267 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of Enbridge by 8.3% in the second quarter. CoreCap Advisors LLC now owns 9,209 shares of the pipeline company's stock valued at $499,000 after acquiring an additional 709 shares during the last quarter. Howard Financial Services LTD. bought a new stake in Enbridge during the second quarter worth about $278,000. SWP Investment Management LLC boosted its position in Enbridge by 3.9% during the second quarter. SWP Investment Management LLC now owns 39,246 shares of the pipeline company's stock valued at $2,128,000 after purchasing an additional 1,480 shares during the last quarter. Finally, Eastern Bank grew its stake in Enbridge by 73.8% in the second quarter. Eastern Bank now owns 11,550 shares of the pipeline company's stock valued at $626,000 after purchasing an additional 4,904 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Stock Down 2.8%

Shares of ENB opened at $51.91 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The firm's 50 day moving average is $55.28 and its 200-day moving average is $53.77. The stock has a market capitalization of $113.36 billion, a PE ratio of 27.76 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 11.17% and a net margin of 7.20%.During the same period in the previous year, the company posted $0.65 earnings per share. Equities research analysts forecast that Enbridge Inc will post 2.12 EPS for the current year.

Enbridge Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date is Friday, August 14th. Enbridge's dividend payout ratio is presently 152.41%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD Securities reissued a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Wolfe Research set a $50.00 price target on shares of Enbridge in a research note on Tuesday. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research report on Monday. Finally, Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Five analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $62.67.

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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