Cardinal Capital Management Inc. Cuts Stake in Enbridge Inc $ENB

Key Points

• Cardinal Capital Management Inc. has reduced its stake in Enbridge Inc. by 1.2%, selling 30,809 shares and now holding approximately 2.6 million shares.
• Enbridge reported earnings of $0.47 per share, exceeding expectations, despite lower revenue of $7.14 billion compared to the forecast of $10.56 billion.
• The company declared an increase in its quarterly dividend to $0.6839 per share, reflecting a 5.5% dividend yield and a payout ratio of 134.98%.

Cardinal Capital Management Inc. decreased its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 1.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,605,525 shares of the pipeline company's stock after selling 30,809 shares during the period. Enbridge comprises 3.7% of Cardinal Capital Management Inc.'s portfolio, making the stock its 10th largest holding. Cardinal Capital Management Inc. owned about 0.12% of Enbridge worth $118,110,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ENB. Brighton Jones LLC bought a new stake in shares of Enbridge during the 4th quarter worth $261,000. State of Wyoming raised its stake in Enbridge by 126.3% during the 4th quarter. State of Wyoming now owns 6,880 shares of the pipeline company's stock worth $292,000 after buying an additional 3,840 shares during the period. Two Sigma Advisers LP bought a new position in Enbridge during the 4th quarter worth about $7,989,000. Waverly Advisors LLC boosted its stake in shares of Enbridge by 25.1% during the 4th quarter. Waverly Advisors LLC now owns 37,648 shares of the pipeline company's stock worth $1,597,000 after buying an additional 7,543 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC lifted its position in shares of Enbridge by 38.0% in the fourth quarter. Focus Partners Advisor Solutions LLC now owns 23,352 shares of the pipeline company's stock valued at $991,000 after buying an additional 6,427 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Wall Street Analyst Weigh In

ENB has been the subject of several analyst reports. Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Wall Street Zen cut shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Sunday. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Finally, National Bankshares restated a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Stock Performance

Shares of ENB traded down $0.25 during mid-day trading on Monday, hitting $49.21. The stock had a trading volume of 3,258,334 shares, compared to its average volume of 3,901,657. The firm has a market cap of $107.31 billion, a P/E ratio of 24.24, a PEG ratio of 4.52 and a beta of 0.80. The business has a fifty day moving average price of $47.14 and a 200-day moving average price of $45.65. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $49.60.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.The firm had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. During the same period in the prior year, the business posted $0.58 earnings per share. On average, equities research analysts expect that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.6839 per share. This represents a $2.74 annualized dividend and a yield of 5.6%. This is a positive change from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is presently 134.98%.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.