Empowered Funds LLC Boosts Stock Holdings in Enbridge Inc $ENB

Key Points

• Empowered Funds LLC increased its Enbridge stake by 24.2% in the first quarter, ending with 110,014 shares valued at approximately $5.96 million. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge reported quarterly EPS of $0.46, beating estimates of $0.43, while revenue reached $9.70 billion versus the $8.67 billion consensus forecast.
• The company declared a quarterly dividend of $0.97, or $3.88 annualized, representing a 7.6% yield. Analysts maintain a consensus “Hold” rating with a $67 price target, compared with a recent share price of $50.89.

Empowered Funds LLC lifted its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 24.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,014 shares of the pipeline company's stock after acquiring an additional 21,442 shares during the period. Empowered Funds LLC's holdings in Enbridge were worth $5,956,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Enbridge in the 4th quarter worth $1,195,559,000. Auto Owners Insurance Co lifted its holdings in shares of Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company's stock valued at $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Enbridge by 787.8% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,196,000 shares of the pipeline company's stock valued at $173,189,000 after buying an additional 2,836,000 shares during the last quarter. Alberta Investment Management Corp purchased a new stake in shares of Enbridge during the fourth quarter valued at $132,705,000. Finally, Vanguard Group Inc. increased its holdings in Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock worth $4,802,766,000 after buying an additional 2,067,516 shares in the last quarter. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.0%

Enbridge stock opened at $50.89 on Monday. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The stock has a fifty day moving average of $54.67 and a 200 day moving average of $53.95. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. The stock has a market cap of $111.15 billion, a PE ratio of 27.22 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for 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 period last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts predict that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.6%. Enbridge's dividend payout ratio (DPR) is presently 147.06%.

Analysts Set New Price Targets

ENB has been the subject of a number of recent analyst reports. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Enbridge in a research report on Monday, May 11th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a report on Monday, August 3rd. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Royal Bank Of Canada boosted their price objective on shares of Enbridge from $79.00 to $84.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Finally, Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $67.00.

Enbridge Company 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.

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