Enbridge Inc $ENB Shares Bought by Diversify Wealth Management LLC

Key Points

• Diversify Wealth Management LLC increased its Enbridge stake by 68.9% in the first quarter, buying an additional 24,127 shares and bringing its total holding to 59,141 shares valued at about $3.16 million.
• Enbridge reported better-than-expected quarterly results, with EPS of $0.71 versus the $0.69 consensus and revenue of $9.37 billion, above analyst expectations of $8.49 billion.
• The company also pays a high dividend yield of about 7.0%, and analysts currently rate the stock a Moderate Buy with an average price target of $66.50.

Diversify Wealth Management LLC raised its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 68.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,141 shares of the pipeline company's stock after buying an additional 24,127 shares during the quarter. Diversify Wealth Management LLC's holdings in Enbridge were worth $3,159,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. PFG Investments LLC grew its position in Enbridge by 0.9% during the 1st quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company's stock worth $1,202,000 after purchasing an additional 202 shares during the last quarter. MIdWestOne Financial Group Inc. increased its position in Enbridge by 4.3% in the 4th quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company's stock valued at $235,000 after acquiring an additional 203 shares during the period. Sumitomo Life Insurance Co. increased its position in Enbridge by 1.1% in the 4th quarter. Sumitomo Life Insurance Co. now owns 18,621 shares of the pipeline company's stock valued at $891,000 after acquiring an additional 205 shares during the period. Arete Wealth Advisors LLC raised its stake in Enbridge by 4.4% during the 4th quarter. Arete Wealth Advisors LLC now owns 4,914 shares of the pipeline company's stock valued at $235,000 after acquiring an additional 208 shares during the last quarter. Finally, Blue Fin Capital Inc. lifted its position in Enbridge by 1.3% during the 4th quarter. Blue Fin Capital Inc. now owns 16,028 shares of the pipeline company's stock worth $767,000 after acquiring an additional 213 shares during the period. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Enbridge Trading Up 0.8%

NYSE:ENB opened at $55.08 on Tuesday. Enbridge Inc has a 1 year low of $44.37 and a 1 year high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The stock has a fifty day moving average price of $55.47 and a two-hundred day moving average price of $52.75. The stock has a market capitalization of $120.29 billion, a price-to-earnings ratio of 25.86 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion for the quarter, compared to analysts' expectations of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same period in the prior year, the company posted $1.03 EPS. As a group, sell-side analysts anticipate that Enbridge Inc will post 2.15 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 7.0%. The ex-dividend date was Friday, May 15th. Enbridge's dividend payout ratio is presently 133.80%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Royal Bank Of Canada lifted their target price on Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a report on Monday, May 11th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.50.

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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