Clark Capital Management Group Inc. Grows Position in Enbridge Inc $ENB

Key Points

• Clark Capital Management Group Inc. has increased its position in Enbridge Inc. to $28.93 million, owning 652,957 shares of the company.
• Enbridge recently announced a quarterly dividend of $0.6839 per share, reflecting a slight increase from the previous dividend and resulting in an annualized yield of 5.7%.
• Researchers have given Enbridge a consensus rating of "Moderate Buy" with an average target price of $60.50, despite mixed ratings from different analysts.

Clark Capital Management Group Inc. increased its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 1.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 652,957 shares of the pipeline company's stock after acquiring an additional 7,628 shares during the quarter. Clark Capital Management Group Inc.'s holdings in Enbridge were worth $28,933,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Dagco Inc. acquired a new stake in shares of Enbridge in the 1st quarter valued at approximately $25,000. Garde Capital Inc. bought a new position in Enbridge in the 1st quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in Enbridge in the 1st quarter valued at approximately $28,000. Accent Capital Management LLC bought a new position in Enbridge in the 1st quarter valued at approximately $30,000. Finally, Wolff Wiese Magana LLC raised its holdings in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after buying an additional 365 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of ENB traded up $0.14 during midday trading on Wednesday, hitting $48.47. 977,150 shares of the company traded hands, compared to its average volume of 3,941,031. Enbridge Inc has a one year low of $39.73 and a one year high of $48.68. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The firm has a market cap of $105.69 billion, a P/E ratio of 23.87, a PEG ratio of 4.42 and a beta of 0.80. The stock has a 50-day moving average of $46.40 and a 200-day moving average of $45.23.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter in the prior year, the firm earned $0.58 earnings per share. As a group, sell-side analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a dividend of $0.6839 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.6%. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's payout ratio is currently 134.98%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. National Bankshares reiterated a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Zacks Research upgraded shares of Enbridge from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. Finally, Argus raised their price target on shares of Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

Enbridge Company Profile

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.