Mufg Securities Canada LTD. Sells 147,443 Shares of Enbridge Inc $ENB

Key Points

• Mufg Securities Canada reduced its Enbridge position by 147,443 shares, or 4.6%, leaving it with 3.09 million shares valued at approximately $167.2 million. Institutional investors and hedge funds collectively own 54.6% of Enbridge.
• Analyst sentiment remains moderately bullish, with six Buy and six Hold ratings and a consensus price target of $67.00. Enbridge shares opened at $50.65, within a 12-month range of $45.03 to $58.45.
• Enbridge exceeded quarterly earnings expectations, reporting $0.46 in EPS versus a $0.43 estimate and $9.70 billion in revenue. The company also declared a quarterly dividend of $0.97, equivalent to a 7.7% annualized yield.

Mufg Securities Canada LTD. lowered its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,088,830 shares of the pipeline company's stock after selling 147,443 shares during the period. Enbridge accounts for approximately 4.4% of Mufg Securities Canada LTD.'s investment portfolio, making the stock its 7th biggest holding. Mufg Securities Canada LTD. owned approximately 0.14% of Enbridge worth $167,236,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Clifford Swan Investment Counsel LLC boosted its stake in Enbridge by 2.9% in the 2nd quarter. Clifford Swan Investment Counsel LLC now owns 7,383 shares of the pipeline company's stock valued at $400,000 after purchasing an additional 206 shares during the period. JNBA Financial Advisors increased its position in Enbridge by 12.5% during the 2nd quarter. JNBA Financial Advisors now owns 8,195 shares of the pipeline company's stock worth $444,000 after buying an additional 908 shares during the period. Addenda Capital Inc. increased its position in Enbridge by 10.8% during the 2nd quarter. Addenda Capital Inc. now owns 1,559,468 shares of the pipeline company's stock worth $84,539,000 after buying an additional 152,530 shares during the period. M Holdings Securities Inc. lifted its holdings in shares of Enbridge by 2.2% during the second quarter. M Holdings Securities Inc. now owns 31,728 shares of the pipeline company's stock worth $1,765,000 after buying an additional 672 shares in the last quarter. Finally, Susquehanna Advisors Group Inc. bought a new stake in shares of Enbridge in the second quarter valued at about $289,000. 54.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ENB shares. Wolfe Research set a $50.00 price target on shares of Enbridge in a research report on Tuesday, August 4th. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. Wall Street Zen raised shares of Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Scotiabank reiterated an "outperform" rating on shares of Enbridge in a research report on Tuesday, July 21st. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. Six equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Enbridge presently has an average rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Price Performance

ENB stock opened at $50.65 on Tuesday. The company's 50-day moving average price is $53.56 and its two-hundred day moving average price is $54.02. The firm has a market cap of $110.62 billion, a P/E ratio of 27.09 and a beta of 0.58. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45.

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

Enbridge Announces Dividend

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 paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.7%. 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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