Alberta Investment Management Corp Grows Stock Holdings in Enbridge Inc (NYSE:ENB)

Key Points

• Alberta Investment Management Corp increased its stake in Enbridge Inc by 14.7%, owning approximately 4.2 million shares valued at around $187 million.
• Enbridge reported a quarterly earnings per share of $0.72, surpassing expectations, but noted a revenue miss with $7.27 billion compared to $10.20 billion anticipated.
• The company announced a quarterly dividend increase to $0.6839, resulting in a 6.0% dividend yield, with a payout ratio of 140.21%.

Alberta Investment Management Corp grew its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 14.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,233,236 shares of the pipeline company's stock after buying an additional 541,147 shares during the period. Enbridge makes up 1.3% of Alberta Investment Management Corp's portfolio, making the stock its 9th largest position. Alberta Investment Management Corp owned approximately 0.19% of Enbridge worth $187,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Garde Capital Inc. acquired a new position in Enbridge in the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new position in Enbridge in the 1st quarter worth $28,000. GeoWealth Management LLC boosted its stake in Enbridge by 436.4% in the 4th quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company's stock worth $32,000 after purchasing an additional 611 shares during the period. Wolff Wiese Magana LLC boosted its stake in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after purchasing an additional 365 shares during the period. Finally, Capital A Wealth Management LLC acquired a new position in Enbridge in the 4th quarter worth $39,000. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Stock Up 2.0%

NYSE:ENB traded up $0.89 on Friday, hitting $46.18. 4,569,736 shares of the company's stock were exchanged, compared to its average volume of 3,778,053. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66. The firm has a 50-day moving average price of $45.39 and a 200-day moving average price of $44.54. The company has a market cap of $100.69 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 4.22 and a beta of 0.79. Enbridge Inc has a 52 week low of $36.50 and a 52 week high of $47.44.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.68 by $0.04. The company had revenue of $7.27 billion for the quarter, compared to analysts' expectations of $10.20 billion. Enbridge had a net margin of 10.16% and a return on equity of 10.41%. During the same period in the prior year, the firm earned $0.92 EPS. As a group, analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be issued a $0.6839 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is currently 140.21%.

Analysts Set New Price Targets

ENB has been the subject of a number of research analyst reports. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research note on Monday, May 12th. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Citigroup started coverage on shares of Enbridge in a research note on Friday, April 4th. They issued a "buy" rating for the company. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

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.