Covea Finance Lowers Position in Enbridge Inc $ENB

Key Points

• Covea Finance reduced its holdings in Enbridge Inc by 6.1%, selling 32,400 shares, resulting in a total of 496,720 shares valued at approximately $22.43 million.
• Enbridge recently increased its quarterly dividend to $0.6839, representing a 5.6% dividend yield, with a payout ratio of 134.98%.
• The company's earnings for the last quarter exceeded expectations, reporting $0.47 earnings per share, above the consensus estimate of $0.41.

Covea Finance cut its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 6.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 496,720 shares of the pipeline company's stock after selling 32,400 shares during the quarter. Covea Finance's holdings in Enbridge were worth $22,430,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in Enbridge by 6.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock worth $19,431,000 after acquiring an additional 25,071 shares in the last quarter. Hartline Investment Corp lifted its stake in Enbridge by 31.3% during the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock worth $1,600,000 after acquiring an additional 8,610 shares in the last quarter. Wellington Management Group LLP lifted its stake in Enbridge by 0.7% during the 4th quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock worth $48,806,000 after acquiring an additional 7,890 shares in the last quarter. JBR Co Financial Management Inc acquired a new position in Enbridge during the 1st quarter worth about $330,000. Finally, Raymond James Financial Inc. raised its position in 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.

Enbridge Trading Down 0.5%

Shares of ENB stock opened at $49.21 on Tuesday. The business's 50 day moving average is $47.22 and its two-hundred day moving average is $45.70. Enbridge Inc has a twelve month low of $39.73 and a twelve month high of $49.60. The company has a market capitalization of $107.31 billion, a P/E ratio of 24.24, a price-to-earnings-growth ratio of 4.52 and a beta of 0.80. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its 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 company had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. During the same period last year, the business posted $0.58 EPS. Equities analysts forecast that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were paid a $0.6839 dividend. 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 was Friday, August 15th. Enbridge's dividend payout ratio (DPR) is presently 134.98%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ENB shares. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Zacks Research lowered Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Wall Street Zen lowered Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Finally, Argus increased their price target on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $60.50.

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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