Hennessy Advisors Inc. Reduces Holdings in Enbridge Inc $ENB

Key Points

• Hennessy Advisors Inc. reduced its holdings in Enbridge Inc by 4.8%, now owning 542,465 shares worth approximately $24.6 million after selling 27,100 shares in Q2.
• Enbridge reported Q2 earnings per share of $0.47, exceeding estimates, but revenue was lower than expected at $7.14 billion compared to a consensus of $10.56 billion.
• The company increased its quarterly dividend to $0.6839 per share, representing an annual yield of 5.5%, which reflects a payout ratio of 134.98%.

Hennessy Advisors Inc. decreased its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 542,465 shares of the pipeline company's stock after selling 27,100 shares during the quarter. Hennessy Advisors Inc.'s holdings in Enbridge were worth $24,585,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Ameriflex Group Inc. grew its holdings in shares of Enbridge by 53.4% during the second quarter. Ameriflex Group Inc. now owns 7,187 shares of the pipeline company's stock worth $324,000 after purchasing an additional 2,501 shares during the last quarter. Washington Growth Strategies LLC grew its holdings in shares of Enbridge by 10,265.9% during the second quarter. Washington Growth Strategies LLC now owns 4,561 shares of the pipeline company's stock worth $207,000 after purchasing an additional 4,517 shares during the last quarter. Fairvoy Private Wealth LLC purchased a new position in shares of Enbridge during the second quarter worth about $203,000. Franklin Street Advisors Inc. NC grew its holdings in shares of Enbridge by 4.8% during the second quarter. Franklin Street Advisors Inc. NC now owns 231,532 shares of the pipeline company's stock worth $10,493,000 after buying an additional 10,507 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. grew its holdings in shares of Enbridge by 2.5% during the second quarter. Stock Yards Bank & Trust Co. now owns 72,770 shares of the pipeline company's stock worth $3,298,000 after buying an additional 1,804 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Price Performance

ENB stock opened at $50.11 on Friday. The firm has a 50 day moving average of $48.06 and a 200-day moving average of $46.09. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The company has a market cap of $109.27 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 4.55 and a beta of 0.78.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings results on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating 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 company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. During the same period last year, the firm earned $0.58 EPS. As a group, equities analysts expect that Enbridge Inc will post 2.14 EPS for the current fiscal 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 given a dividend of $0.6839 per share. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a dividend yield of 5.5%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is presently 134.98%.

Wall Street Analyst Weigh In

ENB has been the topic of a number of research reports. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Wall Street Zen lowered Enbridge from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Argus raised their price target on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Saturday, September 27th. Finally, Zacks Research lowered Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Seven research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

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.

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