Contravisory Investment Management Inc. Takes $246,000 Position in Enbridge Inc $ENB

Key Points

• Contravisory Investment Management Inc. has acquired a new position in Enbridge Inc, purchasing 5,435 shares valued at approximately $246,000 in the second quarter of the year.
• Several institutional investors have increased their stakes in Enbridge, contributing to the institutional ownership reaching 54.60% of the company’s stock.
• Enbridge recently announced a quarterly dividend increase to $0.6839, up from the previous $0.68, reflecting a 5.6% annual yield.

Contravisory Investment Management Inc. acquired a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 5,435 shares of the pipeline company's stock, valued at approximately $246,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Enbridge by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock valued at $19,431,000 after purchasing an additional 25,071 shares in the last quarter. Hartline Investment Corp increased its stake in shares of Enbridge by 31.3% in the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock valued at $1,600,000 after purchasing an additional 8,610 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Enbridge by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock valued at $48,806,000 after purchasing an additional 7,890 shares in the last quarter. JBR Co Financial Management Inc purchased a new position in shares of Enbridge in the 1st quarter valued at about $330,000. Finally, Raymond James Financial Inc. increased its stake in shares of Enbridge by 0.8% in the 1st quarter. Raymond James Financial Inc. now owns 4,299,977 shares of the pipeline company's stock valued at $190,532,000 after purchasing an additional 35,515 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on ENB shares. National Bankshares restated a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Jefferies Financial Group upgraded Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Argus boosted their price objective on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Finally, Zacks Research upgraded Enbridge from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Trading Up 0.0%

Shares of Enbridge stock opened at $49.12 on Friday. The stock has a market cap of $107.12 billion, a P/E ratio of 24.20, a P/E/G ratio of 4.49 and a beta of 0.80. The stock's 50 day simple moving average is $47.04 and its 200-day simple moving average is $45.54. Enbridge Inc has a 1-year low of $39.73 and a 1-year high of $49.35. 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 (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 for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same period in the previous year, the firm posted $0.58 EPS. Analysts predict that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

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

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