NEOS Investment Management LLC Buys 335,580 Shares of Enbridge Inc $ENB

Key Points

• NEOS Investment Management increased its Enbridge stake by 39.9%, purchasing 335,580 additional shares to own 1.18 million shares valued at approximately $63.8 million. Institutional investors collectively hold 54.6% of the company.
• Enbridge exceeded quarterly expectations with earnings per share of $0.46 versus $0.43 expected and revenue of $9.70 billion versus $8.67 billion forecast. The company also paid a quarterly dividend of $0.97, equivalent to a 7.7% annualized yield.
• Analyst sentiment is moderately positive, with six Buy ratings and six Hold ratings and an average price target of $67.00, compared with the reported share price of $50.54.

NEOS Investment Management LLC increased its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 39.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,177,198 shares of the pipeline company's stock after purchasing an additional 335,580 shares during the period. NEOS Investment Management LLC owned 0.05% of Enbridge worth $63,816,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC bought a new position in shares of Enbridge in the fourth quarter valued at approximately $261,000. AQR Capital Management LLC increased its holdings in Enbridge by 68.5% during the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company's stock worth $1,264,000 after acquiring an additional 11,599 shares during the period. AXA S.A. lifted its stake in Enbridge by 15.5% in the 2nd quarter. AXA S.A. now owns 113,887 shares of the pipeline company's stock worth $5,161,000 after purchasing an additional 15,259 shares in the last quarter. Diversify Advisory Services LLC lifted its stake in Enbridge by 93.1% in the 2nd quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company's stock worth $1,042,000 after purchasing an additional 10,617 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Enbridge by 80.1% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company's stock valued at $3,553,000 after purchasing an additional 34,912 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Trading Up 0.5%

Shares of ENB opened at $50.54 on Friday. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45. The company has a market capitalization of $110.38 billion, a P/E ratio of 27.03, a P/E/G ratio of 5.97 and a beta of 0.57. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The firm's 50 day simple moving average is $53.24 and its 200 day simple moving average is $53.98.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion during the quarter, compared to analysts' expectations 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 previous year, the company earned $0.65 EPS. Sell-side analysts forecast that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Friday, August 14th were given a $0.97 dividend. The ex-dividend date was Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.7%. Enbridge's payout ratio is 147.06%.

Analyst Ratings Changes

A number of research analysts have recently commented on ENB shares. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. US Capital Advisors upgraded Enbridge from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Wolfe Research set a $50.00 price objective on Enbridge in a research note on Tuesday, August 4th. TD Securities restated a "hold" rating on shares of Enbridge in a research report on Thursday, July 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, August 19th. 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, Enbridge currently has an average rating of "Moderate Buy" and an average price target of $67.00.

Enbridge Profile

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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