Energy Income Partners LLC purchased a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 577,231 shares of the pipeline company's stock, valued at approximately $31,292,000.
Other institutional investors also recently modified their holdings of the company. K2 Principal Fund L.P. bought a new stake in Enbridge during the 2nd quarter worth about $759,000. Meeder Advisory Services Inc. bought a new stake in shares of Enbridge during the 2nd quarter valued at $259,000. Citizens Financial Group Inc. RI acquired a new position in Enbridge in the second quarter valued at about $470,000. Aegis Wealth Management LLC bought a new position in Enbridge during the 2nd quarter worth approximately $378,000. Finally, K.J. Harrison & Partners Inc acquired a new position in shares of Enbridge in the 2nd quarter valued at $1,643,000. Institutional investors own 54.60% of the company's stock.
Enbridge Stock Up 1.7%
ENB stock opened at $51.41 on Wednesday. The firm has a market capitalization of $112.29 billion, a PE ratio of 27.49 and a beta of 0.58. The business's 50 day simple moving average is $54.49 and its 200 day simple moving average is $53.99. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69.
Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion during the quarter, compared to analysts' expectations of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same quarter in the prior 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 Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date is Friday, August 14th. Enbridge's dividend payout ratio is presently 147.06%.
Wall Street Analysts Forecast Growth
ENB has been the topic of several recent analyst reports. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Raymond James Financial downgraded shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. TD Securities reaffirmed a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Finally, Scotiabank reiterated an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Enbridge has an average rating of "Hold" and a consensus target price of $67.00.
Get Our Latest Stock Report on ENB
About Enbridge
(
Free Report)
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Enbridge, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Enbridge wasn't on the list.
While Enbridge currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Learn the basics of options trading and how to use them to boost returns and manage risk with this free report from MarketBeat. Click the link below to get your free copy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
