Enbridge Inc $ENB Shares Sold by First Trust Advisors LP

Key Points

• First Trust Advisors LP reduced its Enbridge stake by 4.4% in the first quarter, selling 34,356 shares and retaining 751,228 shares valued at approximately $40.7 million. Institutional investors and hedge funds collectively own 54.6% of Enbridge.
• Enbridge exceeded quarterly expectations, reporting $0.71 in earnings per share versus the $0.69 consensus and revenue of $9.37 billion versus estimates of $8.49 billion.
• The company declared a quarterly dividend of $0.97 per share, equivalent to an annualized $3.88 payout and a 7.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $66.50, compared with a recent share price of $55.36.

First Trust Advisors LP cut its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 751,228 shares of the pipeline company's stock after selling 34,356 shares during the period. First Trust Advisors LP's holdings in Enbridge were worth $40,671,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC purchased a new stake in shares of Enbridge during the fourth quarter worth approximately $261,000. AQR Capital Management LLC increased its stake in Enbridge by 68.5% in the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company's stock valued at $1,264,000 after buying an additional 11,599 shares during the period. AXA S.A. increased its stake in Enbridge by 15.5% in the 2nd quarter. AXA S.A. now owns 113,887 shares of the pipeline company's stock valued at $5,161,000 after buying an additional 15,259 shares during the period. Diversify Advisory Services LLC raised its position in Enbridge by 93.1% during the 2nd quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company's stock worth $1,042,000 after buying an additional 10,617 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in Enbridge by 80.1% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company's stock worth $3,553,000 after buying an additional 34,912 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Price Performance

Enbridge stock opened at $55.36 on Tuesday. The company has a market cap of $120.91 billion, a P/E ratio of 25.99 and a beta of 0.58. Enbridge Inc has a one year low of $44.58 and a one year high of $58.45. The business has a fifty day moving average of $55.71 and a two-hundred day moving average of $53.36. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81.

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, analysts predict that Enbridge Inc will post 2.13 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ENB. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. Scotiabank reissued an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Finally, TD Securities reiterated a "hold" rating on shares of Enbridge in a research report on Thursday, July 16th. Six investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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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