Lord Abbett & CO. LLC Takes $72.28 Million Position in Enbridge Inc $ENB

Key Points

• Lord Abbett & CO. LLC has acquired 1,631,153 shares of Enbridge Inc, valued at approximately $72.3 million, representing a 0.07% ownership stake.
• Enbridge reported a Q2 EPS of $0.47, exceeding expectations of $0.41, despite revenue of $7.14 billion falling short of the forecast of $10.56 billion.
• The company has increased its quarterly dividend to $0.6839 per share, enhancing its annual yield to 5.7%.

Lord Abbett & CO. LLC purchased a new position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,631,153 shares of the pipeline company's stock, valued at approximately $72,276,000. Lord Abbett & CO. LLC owned 0.07% of Enbridge at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Enbridge by 6.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 438,557 shares of the pipeline company's stock valued at $19,431,000 after acquiring an additional 25,071 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Enbridge by 20.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 6,818,919 shares of the pipeline company's stock valued at $289,044,000 after acquiring an additional 1,135,000 shares during the last quarter. Hartline Investment Corp increased its holdings in shares of Enbridge by 31.3% in the 1st quarter. Hartline Investment Corp now owns 36,098 shares of the pipeline company's stock valued at $1,600,000 after acquiring an additional 8,610 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Enbridge by 0.7% in the 4th quarter. Wellington Management Group LLP now owns 1,150,521 shares of the pipeline company's stock valued at $48,806,000 after acquiring an additional 7,890 shares during the last quarter. Finally, JBR Co Financial Management Inc purchased a new position in shares of Enbridge in the 1st quarter valued at about $330,000. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Stock Performance

Enbridge stock traded down $0.33 during mid-day trading on Monday, reaching $46.71. 2,366,869 shares of the company were exchanged, compared to its average volume of 4,009,004. Enbridge Inc has a twelve month low of $38.70 and a twelve month high of $48.21. The firm's 50-day simple moving average is $45.55 and its two-hundred day simple moving average is $44.73. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. The firm has a market cap of $101.85 billion, a PE ratio of 23.01, a price-to-earnings-growth ratio of 4.30 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. Enbridge had a return on equity of 10.77% and a net margin of 10.11%. The company had revenue of $7.14 billion during the quarter, compared to analysts' expectations of $10.56 billion. During the same period last year, the firm earned $0.58 EPS. Equities analysts predict that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be given a dividend of $0.6839 per share. This represents a $2.74 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is 134.98%.

Wall Street Analyst Weigh In

ENB has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a report on Monday, May 12th. National Bankshares restated a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Argus raised their price target on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $67.00 price target on shares of Enbridge in a research note on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.50.

Enbridge Company 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.