BROOKFIELD Corp ON Acquires 1,267,713 Shares of Enbridge Inc $ENB

Key Points

• BROOKFIELD Corp ON dramatically increased its stake in Enbridge Inc by 1,538.4% in the first quarter, acquiring over 1.2 million additional shares.
• Enbridge's latest earnings report revealed an EPS of $0.47, surpassing expectations, while the company also announced a dividend increase to $0.6839 per share.
• Analysts maintain a Moderate Buy rating on Enbridge, with a consensus target price of $60.50 per share following several upgrades from major financial institutions.

BROOKFIELD Corp ON increased its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 1,538.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,350,115 shares of the pipeline company's stock after acquiring an additional 1,267,713 shares during the period. BROOKFIELD Corp ON owned about 0.06% of Enbridge worth $59,824,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Dagco Inc. acquired a new stake in shares of Enbridge during the 1st quarter valued at about $25,000. Garde Capital Inc. acquired a new stake in shares of Enbridge during the 1st quarter valued at about $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Enbridge during the 1st quarter valued at about $28,000. Accent Capital Management LLC acquired a new stake in shares of Enbridge during the 1st quarter valued at about $30,000. Finally, Wolff Wiese Magana LLC boosted its position in shares of Enbridge by 91.3% during the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 365 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of NYSE ENB traded up $0.30 during trading on Friday, reaching $49.11. The company had a trading volume of 2,011,439 shares, compared to its average volume of 3,006,375. Enbridge Inc has a 52 week low of $39.73 and a 52 week high of $49.11. The stock has a market cap of $107.10 billion, a PE ratio of 24.19, a PEG ratio of 4.49 and a beta of 0.80. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The business's 50 day moving average price is $46.65 and its 200-day moving average price is $45.41.

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, topping analysts' consensus estimates of $0.41 by $0.06. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same period in the previous year, the firm posted $0.58 earnings per share. Analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were paid a $0.6839 dividend. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's payout ratio is presently 134.98%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a report on Saturday. Argus lifted their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Finally, Zacks Research raised shares of Enbridge from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Enbridge has an average rating of "Moderate Buy" and an average price target 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.