Evanson Asset Management LLC Invests $773,000 in Enbridge Inc $ENB

Key Points

• Evanson Asset Management LLC invested approximately $773,000 in Enbridge Inc by acquiring 17,055 shares during the second quarter.
• Enbridge reported a quarterly earnings per share of $0.47, surpassing forecasts, although its revenue of $7.14 billion fell short of estimates.
• The company recently increased its quarterly dividend to $0.6839, which reflects an annualized dividend yield of 5.5%.

Evanson Asset Management LLC acquired a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 17,055 shares of the pipeline company's stock, valued at approximately $773,000.

Several other hedge funds and other institutional investors have also modified their holdings of ENB. Dagco Inc. acquired a new stake in Enbridge in the 1st quarter valued at $25,000. Garde Capital Inc. bought a new position in shares of Enbridge during the first quarter valued at $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Enbridge in the 1st quarter valued at $28,000. Accent Capital Management LLC bought a new stake in shares of Enbridge in the 1st quarter worth about $30,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Enbridge by 91.3% during 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 in the last quarter. Institutional investors own 54.60% of the company's stock.

Enbridge Price Performance

Shares of ENB opened at $49.58 on Wednesday. The stock has a market cap of $108.12 billion, a P/E ratio of 24.42, a price-to-earnings-growth ratio of 4.50 and a beta of 0.80. Enbridge Inc has a 1 year low of $39.73 and a 1 year high of $49.82. The stock's 50-day moving average price is $47.30 and its two-hundred day moving average price is $45.72. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.06. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same period last year, the company posted $0.58 EPS. On average, equities analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a $0.6839 dividend. The ex-dividend date was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.5%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is currently 134.98%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wall Street Zen lowered shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday. Zacks Research downgraded Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Finally, Argus raised their target price on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.