Glenview Trust Co Takes $2.33 Million Position in Enbridge Inc $ENB

Glenview Trust Co acquired a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 43,045 shares of the pipeline company's stock, valued at approximately $2,333,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new position in shares of Enbridge during the third quarter worth $26,000. Arlington Trust Co LLC raised its position in Enbridge by 114.6% during the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after purchasing an additional 267 shares during the last quarter. Turning Point Benefit Group Inc. acquired a new position in Enbridge during the 3rd quarter worth about $28,000. Inspire Investing LLC bought a new stake in shares of Enbridge in the 4th quarter valued at about $29,000. Finally, Garner Asset Management Corp bought a new stake in shares of Enbridge in the 4th quarter valued at about $30,000. 54.60% of the stock is owned by institutional investors.

Enbridge Stock Performance

Shares of Enbridge stock opened at $50.17 on Friday. The business has a 50-day simple moving average of $53.64 and a 200 day simple moving average of $54.00. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The firm has a market capitalization of $109.57 billion, a price-to-earnings ratio of 26.83 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 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 during the quarter, compared to analysts' expectations of $8.67 billion. During the same quarter last year, the firm posted $0.65 earnings per share. On average, research analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders 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 7.7%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's dividend payout ratio (DPR) is 147.06%.

Key Headlines Impacting Enbridge

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream's crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Analysts Set New Price Targets

ENB has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce upgraded Enbridge from a "neutral" rating to a "sector outperform" rating in a research report on Thursday. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a research report on Wednesday, August 19th. Royal Bank Of Canada raised their price target on shares of Enbridge from $79.00 to $84.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. US Capital Advisors upgraded shares of Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Enbridge has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Enbridge Company Profile

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.

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