Commerce Bank Purchases 12,123 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Commerce Bank increased its stake in Enbridge Inc by 6.7% during the first quarter, now owning 193,143 shares valued at approximately $8.56 million.
• Several analysts have given Enbridge a consensus rating of "Moderate Buy" with a price target of $67.00, indicating positive sentiment toward the company's stock.
• Enbridge announced a quarterly dividend increase to $0.6839 per share, representing a yield of 5.9% and a payout ratio of 140.21%.

Commerce Bank boosted its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 6.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 193,143 shares of the pipeline company's stock after acquiring an additional 12,123 shares during the period. Commerce Bank's holdings in Enbridge were worth $8,558,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ENB. MONECO Advisors LLC boosted its stake in shares of Enbridge by 6.5% during the 1st quarter. MONECO Advisors LLC now owns 16,964 shares of the pipeline company's stock valued at $752,000 after purchasing an additional 1,042 shares in the last quarter. EagleClaw Capital Managment LLC bought a new stake in shares of Enbridge during the 1st quarter valued at about $322,000. Alberta Investment Management Corp boosted its stake in shares of Enbridge by 14.7% during the 1st quarter. Alberta Investment Management Corp now owns 4,233,236 shares of the pipeline company's stock valued at $187,330,000 after purchasing an additional 541,147 shares in the last quarter. Wealthquest Corp bought a new stake in shares of Enbridge during the 1st quarter valued at about $203,000. Finally, Brentview Investment Management LLC purchased a new position in Enbridge during the 1st quarter valued at about $41,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ENB. Royal Bank Of Canada reissued an "outperform" rating and set a $67.00 price target on shares of Enbridge in a research report on Monday, May 12th. Raymond James Financial raised shares of Enbridge to a "moderate buy" rating in a research report 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. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Monday, May 12th. Finally, Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Stock Performance

NYSE ENB traded up $0.52 during trading hours on Tuesday, hitting $47.14. 639,770 shares of the company's stock traded hands, compared to its average volume of 3,976,514. The business's fifty day moving average price is $45.40 and its two-hundred day moving average price is $44.57. The company has a current ratio of 0.73, a quick ratio of 0.66 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $102.79 billion, a P/E ratio of 23.20, a P/E/G ratio of 4.30 and a beta of 0.79. Enbridge Inc has a 52 week low of $37.04 and a 52 week high of $47.44.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.73%. During the same period in the prior year, the business posted $0.58 earnings per share. Equities research analysts predict that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The company 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 an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.8%. Enbridge's dividend payout ratio (DPR) is currently 134.98%.

Enbridge Profile

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.