Exchange Traded Concepts LLC Sells 89,348 Shares of Enbridge Inc $ENB

Key Points

• Exchange Traded Concepts LLC reduced its Enbridge stake by 7.2% in the second quarter, selling 89,348 shares and retaining 1.14 million shares valued at approximately $62 million.
• Enbridge reported quarterly EPS of $0.46, beating analyst expectations of $0.43, while revenue of $9.70 billion exceeded estimates of $8.67 billion.
• The company declared a quarterly dividend of $0.97 per share, equating to an annualized dividend of $3.88 and a 7.6% yield. Analysts maintain a consensus “Hold” rating with a $67 price target.

Exchange Traded Concepts LLC lowered its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 7.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,143,910 shares of the pipeline company's stock after selling 89,348 shares during the quarter. Exchange Traded Concepts LLC owned about 0.05% of Enbridge worth $62,011,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Fourpath Capital Management LLC grew its holdings in Enbridge by 7.8% during the 2nd quarter. Fourpath Capital Management LLC now owns 40,581 shares of the pipeline company's stock valued at $2,200,000 after purchasing an additional 2,931 shares during the last quarter. Raleigh Capital Management Inc. raised its position in Enbridge by 2.9% in the 2nd quarter. Raleigh Capital Management Inc. now owns 54,988 shares of the pipeline company's stock worth $2,981,000 after purchasing an additional 1,526 shares during the period. Schaper Benz & Wise Investment Counsel Inc. WI lifted its stake in Enbridge by 1.1% in the second quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 239,212 shares of the pipeline company's stock worth $12,968,000 after purchasing an additional 2,505 shares during the last quarter. Evolution Wealth Management Inc. lifted its stake in Enbridge by 66.2% in the second quarter. Evolution Wealth Management Inc. now owns 1,881 shares of the pipeline company's stock worth $102,000 after purchasing an additional 749 shares during the last quarter. Finally, Greenleaf Trust boosted its position in shares of Enbridge by 6.0% during the second quarter. Greenleaf Trust now owns 13,263 shares of the pipeline company's stock valued at $719,000 after buying an additional 748 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Down 0.3%

Shares of ENB opened at $51.30 on Friday. The company has a market capitalization of $112.03 billion, a price-to-earnings ratio of 27.43 and a beta of 0.58. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The stock's 50-day moving average price is $54.77 and its 200-day moving average price is $53.93. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The firm had revenue of $9.70 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the firm posted $0.65 EPS. On average, sell-side analysts predict that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 7.6%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's dividend payout ratio (DPR) is presently 152.41%.

Analysts Set New Price Targets

A number of research firms have recently commented on ENB. Wolfe Research set a $50.00 target price on Enbridge in a research note on Tuesday, August 4th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Scotiabank restated an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Raymond James Financial lowered Enbridge from an "outperform" rating to a "market perform" rating in a research note on Friday, July 31st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Four analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $67.00.

About Enbridge

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.

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.

Add As Preferred Source