Empowered Funds LLC Buys New Shares in Enbridge Inc $ENB

Key Points

• Empowered Funds LLC purchased 94,857 Enbridge shares during the second quarter, worth approximately $5.14 million. Other institutional investors also initiated positions, with institutions now owning 54.6% of the stock.
• Analyst sentiment remains cautiously positive: Enbridge has a “Moderate Buy” consensus rating, with six Buy and six Hold ratings and an average price target of $67.
• Enbridge exceeded quarterly earnings and revenue expectations, reporting $0.46 EPS and $9.70 billion in revenue. The company declared a quarterly dividend of $0.97, equivalent to a 7.7% annualized yield, though its payout ratio is elevated at 147.06%.

Empowered Funds LLC purchased a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 94,857 shares of the pipeline company's stock, valued at approximately $5,142,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. United Capital Financial Advisors LLC acquired a new position in shares of Enbridge during the 2nd quarter worth about $1,442,000. Dearborn Partners LLC acquired a new stake in shares of Enbridge in the second quarter valued at about $538,000. Lifetime Wealth Management P.C. bought a new stake in Enbridge during the second quarter worth about $209,000. Brooks Moore & Associates Inc. bought a new stake in Enbridge during the second quarter worth about $388,000. Finally, WNY Asset Management LLC bought a new stake in Enbridge during the second quarter worth about $490,000. 54.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ENB shares. TD Securities restated a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Scotiabank reiterated an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. Raymond James Financial downgraded Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Wolfe Research set a $50.00 target price on shares of Enbridge in a research note on Tuesday, August 4th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Stock Performance

ENB opened at $50.65 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The business has a 50 day moving average of $53.56 and a 200-day moving average of $54.02. The stock has a market cap of $110.62 billion, a price-to-earnings ratio of 27.09 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The business had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the previous year, the firm earned $0.65 EPS. On average, equities research analysts expect that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

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

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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