Eventide Asset Management LLC Increases Stock Position in Enbridge Inc $ENB

Key Points

• Eventide Asset Management LLC increased its stake in Enbridge Inc by 30.6%, acquiring 30,156 additional shares during the first quarter, bringing its total holdings to 128,550 shares valued at approximately $5.7 million.
• Enbridge reported earnings per share (EPS) of $0.47 for the latest quarter, beating expectations, despite revenue falling short at $7.14 billion compared to the projected $10.56 billion.
• The company recently raised its quarterly dividend to $0.6839, indicating a 5.7% yield, although it reflects a high payout ratio of 134.98%.

Eventide Asset Management LLC increased its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 30.6% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 128,550 shares of the pipeline company's stock after purchasing an additional 30,156 shares during the period. Eventide Asset Management LLC's holdings in Enbridge were worth $5,715,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its stake in Enbridge by 137.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Nuveen LLC acquired a new position in Enbridge in the 1st quarter valued at about $208,490,000. Deutsche Bank AG increased its stake in Enbridge by 13.9% during the fourth quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after purchasing an additional 4,426,684 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Enbridge by 39.7% during the first quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company's stock worth $421,675,000 after purchasing an additional 2,707,068 shares in the last quarter. Finally, Maple Brown Abbott Ltd purchased a new position in shares of Enbridge in the first quarter valued at approximately $77,976,000. Institutional investors and hedge funds own 54.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Zacks Research raised Enbridge from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a report on Monday, May 12th. Argus lifted their price objective on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Finally, Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Enbridge has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Stock Up 0.0%

ENB traded up $0.01 on Tuesday, reaching $48.33. The company's stock had a trading volume of 2,632,755 shares, compared to its average volume of 3,956,668. The company has a market capitalization of $105.38 billion, a price-to-earnings ratio of 23.81, a P/E/G ratio of 4.41 and a beta of 0.80. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $48.68. The company has a quick ratio of 0.65, a current ratio of 0.75 and a debt-to-equity ratio of 1.58. The stock has a 50 day moving average of $46.34 and a two-hundred day moving average of $45.21.

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

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were paid a $0.6839 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.7%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is presently 134.98%.

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.