Lewis Asset Management LLC Buys 12,880 Shares of Enbridge Inc $ENB

Key Points

• Lewis Asset Management LLC significantly increased its stake in Enbridge Inc by 88.2% in Q2, now holding 27,484 shares valued at approximately $1.25 million.
• Enbridge has recently increased its quarterly dividend to $0.6839 per share, which represents an annual yield of 5.5% and is a boost from their previous dividend.
• Following recent earnings results, analysts have mixed views on Enbridge, with target prices ranging from $50.00 to $60.50 and a current consensus rating of "Moderate Buy."

Lewis Asset Management LLC boosted its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 88.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,484 shares of the pipeline company's stock after acquiring an additional 12,880 shares during the period. Lewis Asset Management LLC's holdings in Enbridge were worth $1,246,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ENB. Wealth Enhancement Advisory Services LLC raised its stake in Enbridge by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock worth $19,431,000 after purchasing an additional 25,071 shares in the last quarter. Hartline Investment Corp grew its position in Enbridge by 31.3% during the first quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock valued at $1,600,000 after buying an additional 8,610 shares during the period. Wellington Management Group LLP boosted its holdings in Enbridge by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock worth $48,806,000 after buying an additional 7,890 shares during the period. JBR Co Financial Management Inc bought a new position in shares of Enbridge in the first quarter valued at approximately $330,000. Finally, Raymond James Financial Inc. raised its stake in shares of Enbridge by 0.8% during the first quarter. Raymond James Financial Inc. now owns 4,299,977 shares of the pipeline company's stock worth $190,532,000 after acquiring an additional 35,515 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Stock Performance

Shares of Enbridge stock traded down $0.25 during trading on Monday, reaching $49.21. The company's stock had a trading volume of 3,258,334 shares, compared to its average volume of 2,820,199. The firm has a market cap of $107.31 billion, a price-to-earnings ratio of 24.24, a price-to-earnings-growth ratio of 4.52 and a beta of 0.80. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. Enbridge Inc has a one year low of $39.73 and a one year high of $49.60. The business's fifty day moving average price is $47.22 and its 200-day moving average price is $45.70.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, beating the consensus estimate 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 analysts' expectations of $10.56 billion. During the same quarter in the previous year, the company posted $0.58 EPS. As a group, equities research analysts predict that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were given a dividend of $0.6839 per share. The ex-dividend date of this dividend was Friday, August 15th. This is a boost from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a dividend yield of 5.6%. Enbridge's payout ratio is presently 134.98%.

Analyst Upgrades and Downgrades

ENB has been the subject of several research reports. Argus upped their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Wall Street Zen cut Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Finally, Zacks Research cut Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, September 17th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $60.50.

About Enbridge

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.