Kingsview Wealth Management LLC Makes New $8.12 Million Investment in Enbridge Inc $ENB

Key Points

• Kingsview Wealth Management purchased 149,699 Enbridge shares worth approximately $8.12 million, while institutional investors collectively own 54.6% of the company.
• Analysts maintain a generally favorable view, with a consensus rating of “Moderate Buy” and an average price target of $67. Enbridge also reported quarterly EPS above expectations and revenue of $9.70 billion.
• Enbridge offers an income-focused investment profile, recently declaring a $0.97 quarterly dividend representing a 7.7% annualized yield, but its Line 5 pipeline faces regulatory and legal challenges that could cause delays and increase costs.

Kingsview Wealth Management LLC bought a new position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 149,699 shares of the pipeline company's stock, valued at approximately $8,115,000.

Several other large investors also recently bought and sold shares of ENB. Empowered Funds LLC lifted its position in shares of Enbridge by 24.2% during the 1st quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company's stock worth $5,956,000 after buying an additional 21,442 shares during the last quarter. SCS Capital Management LLC bought a new position in Enbridge in the second quarter valued at about $9,204,000. RNC Capital Management LLC grew its position in Enbridge by 1.6% in the fourth quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company's stock valued at $69,196,000 after acquiring an additional 22,637 shares during the last quarter. Western Wealth Management LLC raised its stake in Enbridge by 346.8% during the first quarter. Western Wealth Management LLC now owns 36,190 shares of the pipeline company's stock worth $1,959,000 after acquiring an additional 28,091 shares in the last quarter. Finally, Intact Investment Management Inc. lifted its holdings in shares of Enbridge by 22.8% in the fourth quarter. Intact Investment Management Inc. now owns 987,976 shares of the pipeline company's stock worth $47,275,000 after acquiring an additional 183,163 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ENB. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. US Capital Advisors raised shares of Enbridge from a "hold" rating to a "moderate buy" rating in a research note on Thursday, August 20th. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $67.00.

Key Stories 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

Enbridge Stock Up 0.5%

NYSE:ENB opened at $50.17 on Friday. The firm's 50 day simple moving average is $53.64 and its 200 day simple moving average is $54.00. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The company has a market cap of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58.

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

Enbridge Dividend Announcement

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

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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