Enbridge Inc $ENB Shares Sold by Kayne Anderson Capital Advisors LP

Key Points

• Kayne Anderson Capital Advisors reduced its Enbridge stake by 17.5% in the second quarter, selling 1.07 million shares and retaining 5.03 million shares worth approximately $272.6 million.
• Enbridge reported quarterly EPS of $0.46, exceeding the $0.43 analyst estimate, while revenue reached $9.70 billion versus expectations of $8.67 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $67.00. Enbridge also announced a quarterly dividend of $0.97 per share, representing a 7.6% annualized yield.

Kayne Anderson Capital Advisors LP decreased its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 17.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,029,159 shares of the pipeline company's stock after selling 1,066,780 shares during the period. Enbridge accounts for approximately 5.3% of Kayne Anderson Capital Advisors LP's holdings, making the stock its 8th largest position. Kayne Anderson Capital Advisors LP owned approximately 0.23% of Enbridge worth $272,631,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

ENB has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. TD Securities reiterated a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research note on Tuesday, August 4th. Finally, Raymond James Financial cut shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $67.00.

Enbridge Stock Up 1.6%

ENB stock opened at $51.07 on Friday. 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 firm has a market capitalization of $111.54 billion, a PE ratio of 27.31 and a beta of 0.58. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45. The business's 50 day simple moving average is $54.26 and its 200 day simple moving average is $54.02.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $8.67 billion. During the same period in the previous year, the business posted $0.65 earnings per share. As a group, research analysts anticipate that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a dividend yield of 7.6%. Enbridge's payout ratio is presently 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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