Ewing Morris & Co. Investment Partners Ltd. Raises Stake in Enbridge Inc $ENB

Key Points

• Ewing Morris & Co. Investment Partners Ltd. increased its stake in Enbridge Inc by 20.3%, acquiring an additional 5,362 shares for a total of 31,840 shares valued at approximately $1.41 million.
• Enbridge reported a quarterly earnings per share (EPS) of $0.47, exceeding analysts' expectations, with a total revenue of $7.14 billion for the quarter.
• Enbridge recently declared a quarterly dividend of $0.6839, resulting in an annualized dividend of $2.74 and a dividend yield of 5.7%.

Ewing Morris & Co. Investment Partners Ltd. raised its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 20.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,840 shares of the pipeline company's stock after purchasing an additional 5,362 shares during the quarter. Ewing Morris & Co. Investment Partners Ltd.'s holdings in Enbridge were worth $1,411,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised 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 valued at $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Blackstone Inc. boosted its holdings in shares of Enbridge by 650.7% in the fourth quarter. Blackstone Inc. now owns 5,718,089 shares of the pipeline company's stock worth $242,619,000 after buying an additional 4,956,379 shares during the period. Nuveen LLC acquired a new stake in Enbridge during the 1st quarter valued at $208,490,000. Deutsche Bank AG lifted its stake in Enbridge by 13.9% in the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after acquiring an additional 4,426,684 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its position in 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 valued at $421,675,000 after purchasing an additional 2,707,068 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Wall Street Analyst Weigh In

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

Enbridge Stock Performance

ENB traded up $0.02 during trading on Wednesday, hitting $48.32. The stock had a trading volume of 2,871,174 shares, compared to its average volume of 3,813,647. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The firm has a market cap of $105.35 billion, a price-to-earnings ratio of 22.80, a P/E/G ratio of 4.42 and a beta of 0.80. Enbridge Inc has a one year low of $39.73 and a one year high of $48.59. The company has a 50 day moving average price of $46.07 and a 200-day moving average price of $45.03.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its 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. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. The firm had revenue of $7.14 billion for the quarter, compared to analysts' expectations of $10.56 billion. During the same quarter in the previous year, the firm posted $0.58 earnings per share. As a group, research analysts predict that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were issued a dividend of $0.6839 per share. This is a positive change from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a yield of 5.7%. Enbridge's payout ratio 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.