Heronetta Management L.P. Reduces Stock Position in Enbridge Inc $ENB

Key Points

• Heronetta Management L.P. cut its Enbridge stake by 92% in the first quarter, selling 177,759 shares and leaving it with 15,507 shares valued at about $840,000.
• Analyst sentiment is mixed but generally positive: Enbridge has a Moderate Buy consensus rating, with an average price target of $66.50, though one recent report downgraded the stock to sell.
• Enbridge posted solid quarterly results, beating EPS and revenue estimates, and it continues to offer a large dividend, with a recent annualized yield of about 7.1%.

Heronetta Management L.P. decreased its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 92.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,507 shares of the pipeline company's stock after selling 177,759 shares during the quarter. Enbridge comprises 0.8% of Heronetta Management L.P.'s holdings, making the stock its 11th largest position. Heronetta Management L.P.'s holdings in Enbridge were worth $840,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in ENB. Triumph Capital Management purchased a new stake in shares of Enbridge in the third quarter valued at about $26,000. Turning Point Benefit Group Inc. purchased a new stake in shares of Enbridge in the 3rd quarter valued at approximately $28,000. Inspire Investing LLC acquired a new position in Enbridge in the fourth quarter valued at approximately $29,000. Garner Asset Management Corp purchased a new stake in Enbridge in the fourth quarter valued at $30,000. Finally, Imprint Wealth LLC purchased a new stake in Enbridge in the 3rd quarter valued at about $31,000. 54.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Royal Bank Of Canada raised their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Enbridge in a research report on Monday, May 11th. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a report on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $66.50.

Enbridge Stock Performance

ENB traded up $0.05 during trading on Friday, reaching $54.64. The company's stock had a trading volume of 2,330,853 shares, compared to its average volume of 3,703,008. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The company's fifty day moving average price is $55.48 and its 200-day moving average price is $52.65. The company has a market capitalization of $119.34 billion, a price-to-earnings ratio of 25.65 and a beta of 0.58. Enbridge Inc has a 52-week low of $44.13 and a 52-week high of $58.45.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.02. The business had revenue of $9.37 billion during the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. During the same quarter last year, the firm posted $1.03 EPS. On average, equities analysts forecast that Enbridge Inc will post 2.15 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a $0.97 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 dividend on an annualized basis and a yield of 7.1%. Enbridge's dividend payout ratio is presently 133.80%.

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.

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