Corient Private Wealth LP Increases Holdings in Enbridge Inc $ENB

Key Points

• Corient Private Wealth LP increased its Enbridge holdings by 39.2% in the second quarter, adding 81,113 shares for a total position of 287,985 shares valued at approximately $15.6 million. Institutional investors collectively own 54.6% of the company.
• Analysts maintain a generally positive view of Enbridge, with a “Moderate Buy” consensus rating and an average price target of $67.00. The company also reported quarterly EPS of $0.46, above estimates, and announced a $0.97 quarterly dividend.
• Enbridge is expanding its infrastructure through a C$2.7 billion Westcoast pipeline joint venture and a roughly US$600 million Permian Basin acquisition, though regulatory and legal challenges surrounding Line 5 remain key risks.

Corient Private Wealth LP lifted its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 39.2% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 287,985 shares of the pipeline company's stock after acquiring an additional 81,113 shares during the period. Corient Private Wealth LP's holdings in Enbridge were worth $15,612,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG bought a new position in Enbridge in the 2nd quarter worth approximately $1,850,502,000. Norges Bank bought a new stake in shares of Enbridge during the fourth quarter valued at approximately $1,195,559,000. Geode Capital Management LLC raised its position in shares of Enbridge by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock valued at $1,045,172,000 after buying an additional 1,415,995 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Enbridge by 18.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company's stock valued at $1,117,353,000 after buying an additional 3,205,322 shares during the last quarter. Finally, Legal & General Group Plc lifted its holdings in shares of Enbridge by 4.6% in the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock worth $942,806,000 after buying an additional 858,323 shares in the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analysts Set New Price Targets

ENB has been the subject of a number of research reports. Wolfe Research set a $50.00 target price on shares of Enbridge in a research report on Tuesday, August 4th. Royal Bank Of Canada lifted their price target on shares of Enbridge from $79.00 to $84.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. Raymond James Financial downgraded shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Finally, US Capital Advisors upgraded Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Enbridge has an average rating of "Moderate Buy" and an average target price of $67.00.

Key Stories Impacting Enbridge

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream's crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Enbridge Trading Up 0.5%

Shares of ENB stock opened at $50.17 on Friday. Enbridge Inc has a 1 year low of $45.03 and a 1 year high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The stock's 50 day simple moving average is $53.64 and its two-hundred day simple moving average is $54.00. The company has a market cap of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The firm 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 quarter in the previous year, the business earned $0.65 EPS. Research analysts predict that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. Enbridge's dividend payout ratio is currently 147.06%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source