Hsbc Holdings PLC Sells 80,173 Shares of Enbridge Inc $ENB

Key Points

• Hsbc Holdings PLC cut its Enbridge stake by 77.4% in the second quarter, selling 80,173 shares and retaining 23,386 shares valued at approximately $1.27 million. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge reported quarterly earnings of $0.46 per share, exceeding the $0.43 analyst consensus, while revenue reached $9.70 billion versus expectations of $8.67 billion.
• The company declared a quarterly dividend of $0.97 per share, equivalent to an annualized $3.88 and a 7.7% yield. Analysts maintain a “Moderate Buy” consensus rating with a $67 average price target.

Hsbc Holdings PLC trimmed its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 77.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,386 shares of the pipeline company's stock after selling 80,173 shares during the quarter. Hsbc Holdings PLC's holdings in Enbridge were worth $1,266,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ENB. Retirement Planning Group LLC increased its holdings in shares of Enbridge by 3.6% in the first quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company's stock worth $290,000 after purchasing an additional 187 shares during the period. Bank & Trust Co raised its stake in shares of Enbridge by 0.6% during the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company's stock worth $1,804,000 after acquiring an additional 193 shares in the last quarter. Cornerstone Wealth Management LLC raised its position in Enbridge by 0.6% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company's stock worth $1,710,000 after purchasing an additional 194 shares during the period. PFG Investments LLC increased its holdings in shares of Enbridge by 0.9% in the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company's stock worth $1,202,000 after buying an additional 202 shares during the period. Finally, MIdWestOne Financial Group Inc. increased its stake in Enbridge by 4.3% in the 4th quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company's stock worth $235,000 after purchasing an additional 203 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Up 0.9%

ENB stock opened at $50.65 on Tuesday. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45. The company has a market capitalization of $110.62 billion, a price-to-earnings ratio of 27.09 and a beta of 0.58. The business's 50 day moving average price is $53.56 and its two-hundred day moving average price is $54.02. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its earnings results 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 company had revenue of $9.70 billion during the quarter, compared to analysts' expectations of $8.67 billion. During the same quarter last year, the business posted $0.65 EPS. As a group, analysts forecast that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge's payout ratio is 147.06%.

Wall Street Analysts Forecast Growth

ENB has been the subject of several recent analyst reports. Royal Bank Of Canada upped their price objective on shares of Enbridge from $79.00 to $84.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce raised Enbridge from a "neutral" rating to a "sector outperform" rating in a research note on Thursday. TD Securities reiterated a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Scotiabank reissued an "outperform" rating on shares of Enbridge in a research report on Tuesday, July 21st. Finally, Wolfe Research set a $50.00 price objective on shares of Enbridge in a report on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, Enbridge currently has a consensus rating of "Moderate Buy" 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.

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