Elevate Capital Advisors LLC Invests $272,000 in Enbridge Inc $ENB

Key Points

• Elevate Capital Advisors LLC has invested $272,000 in Enbridge Inc by purchasing 6,000 shares during the 2nd quarter, marking a new position for the firm.
• Multiple institutional investors, including Vanguard Group Inc and Goldman Sachs Group Inc, have increased their holdings in Enbridge, indicating strong institutional interest in the pipeline company.
• Enbridge recently announced a quarterly dividend increase, with a current yield of 5.5% and an annualized dividend of $2.74 per share, reflecting positive cash flow despite a high payout ratio of 134.98%.

Elevate Capital Advisors LLC purchased a new position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 6,000 shares of the pipeline company's stock, valued at approximately $272,000.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Enbridge by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after acquiring an additional 1,569,879 shares in the last quarter. GQG Partners LLC grew its stake in shares of Enbridge by 1.5% during the 1st quarter. GQG Partners LLC now owns 75,439,320 shares of the pipeline company's stock worth $3,338,405,000 after acquiring an additional 1,148,580 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Enbridge by 1.3% during the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock worth $1,737,602,000 after acquiring an additional 513,058 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Enbridge by 137.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Enbridge by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock worth $781,792,000 after acquiring an additional 1,680,116 shares in the last quarter. 54.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ENB shares. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Zacks Research downgraded Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Wall Street Zen downgraded Enbridge from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Saturday, September 27th. Seven investment 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, Enbridge currently has a consensus rating of "Moderate Buy" and an average target price of $60.50.

Enbridge Trading Up 0.8%

Shares of Enbridge stock opened at $50.11 on Friday. The business has a fifty day simple moving average of $48.06 and a two-hundred day simple moving average of $46.09. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $50.54. The company has a market capitalization of $109.27 billion, a price-to-earnings ratio of 24.68, a P/E/G ratio of 4.55 and a beta of 0.78. 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 announced its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) 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 business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same quarter last year, the firm posted $0.58 EPS. Research 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. Shareholders of record on Friday, August 15th were issued a dividend of $0.6839 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.5%. This is a positive change from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is 134.98%.

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.

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