Enbridge Inc $ENB Shares Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its Enbridge stake by 2.5% in the second quarter, acquiring 268,800 shares and bringing its holdings to 11.08 million shares worth approximately $599.7 million.
• Enbridge reported quarterly EPS of $0.46, exceeding analyst expectations of $0.43, while revenue of $9.70 billion also surpassed estimates. The stock opened at $50.08, down 0.8%.
• Enbridge declared a quarterly dividend of $0.97, equivalent to $3.88 annually and a 7.7% yield. Analysts maintain an overall “Hold” rating, with an average price target of $67.00.

The Manufacturers Life Insurance Company lifted its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 2.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,079,469 shares of the pipeline company's stock after buying an additional 268,800 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.51% of Enbridge worth $599,709,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ENB. Vanguard Group Inc. boosted its stake in Enbridge by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock valued at $4,802,766,000 after acquiring an additional 2,067,516 shares in the last quarter. Deutsche Bank AG purchased a new stake in shares of Enbridge in the 2nd quarter valued at about $1,850,502,000. Norges Bank purchased a new stake in shares of Enbridge in the 4th quarter valued at about $1,195,559,000. Geode Capital Management LLC boosted its position in shares of Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Enbridge by 18.4% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company's stock valued at $1,117,353,000 after purchasing an additional 3,205,322 shares during the period. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Trading Down 0.8%

NYSE:ENB opened at $50.08 on Tuesday. The firm has a market cap of $109.37 billion, a P/E ratio of 26.78 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The stock's 50 day simple moving average is $54.02 and its 200-day simple moving average is $54.04. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The firm had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period last year, the firm posted $0.65 EPS. Equities analysts anticipate 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. Shareholders of record on Friday, August 14th will be issued a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's payout ratio is currently 147.06%.

Analyst Ratings Changes

ENB has been the topic of a number of research reports. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. Raymond James Financial downgraded Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Scotiabank restated an "outperform" rating on shares of Enbridge in a research report on Tuesday, July 21st. Wolfe Research set a $50.00 target price on shares of Enbridge in a research report on Tuesday, August 4th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Enbridge currently has an average rating of "Hold" and an average target price of $67.00.

Enbridge 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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