JPMorgan Chase & Co. Boosts Stock Holdings in Enbridge Inc (NYSE:ENB)

Key Points

• JPMorgan Chase & Co. increased its stake in Enbridge Inc by 10.5%, now owning approximately 17.64 million shares worth $781.79 million following a recent 13F filing.
• Enbridge has announced a quarterly dividend of $0.6839 per share, reflecting a 5.8% yield and a slight increase from the previous dividend of $0.68.
• In its latest earnings report, Enbridge exceeded earnings expectations with $0.47 earnings per share, while its revenue was $7.14 billion, below analyst estimates of $10.56 billion.

JPMorgan Chase & Co. boosted its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 10.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,643,681 shares of the pipeline company's stock after buying an additional 1,680,116 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.81% of Enbridge worth $781,792,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital Investment Counsel Inc raised its stake in shares of Enbridge by 3.1% in the 1st quarter. Capital Investment Counsel Inc now owns 7,527 shares of the pipeline company's stock valued at $333,000 after purchasing an additional 223 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its holdings in Enbridge by 0.7% during the first quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 34,326 shares of the pipeline company's stock worth $1,526,000 after purchasing an additional 226 shares during the period. Loudon Investment Management LLC grew its holdings in Enbridge by 1.1% during the first quarter. Loudon Investment Management LLC now owns 21,201 shares of the pipeline company's stock worth $939,000 after purchasing an additional 240 shares during the period. Sound View Wealth Advisors Group LLC boosted its holdings in shares of Enbridge by 4.8% during the first quarter. Sound View Wealth Advisors Group LLC now owns 5,304 shares of the pipeline company's stock worth $235,000 after acquiring an additional 243 shares during the period. Finally, Hardin Capital Partners LLC boosted its holdings in shares of Enbridge by 2.7% during the first quarter. Hardin Capital Partners LLC now owns 9,553 shares of the pipeline company's stock worth $423,000 after acquiring an additional 252 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ENB. Royal Bank Of Canada reiterated an "outperform" rating and issued a $67.00 price target on shares of Enbridge in a research note on Monday, May 12th. Jefferies Financial Group upgraded Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Enbridge has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Trading Down 0.3%

ENB stock traded down $0.15 during trading on Tuesday, reaching $47.34. The company had a trading volume of 3,968,128 shares, compared to its average volume of 3,873,906. The company has a market cap of $103.22 billion, a P/E ratio of 23.32, a PEG ratio of 4.36 and a beta of 0.79. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. Enbridge Inc has a 52 week low of $38.44 and a 52 week high of $47.62. The business has a 50 day moving average of $45.49 and a 200 day moving average of $44.67.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. The firm had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the prior year, the company posted $0.58 earnings per share. As a group, sell-side analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be given a $0.6839 dividend. The ex-dividend date is Friday, August 15th. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a yield of 5.8%. Enbridge's payout ratio is 133.99%.

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.