NewEdge Advisors LLC Raises Stock Holdings in Enbridge Inc $ENB

Key Points

• NewEdge Advisors LLC increased its stake in Enbridge Inc by 4.3%, holding a total of 376,551 shares valued at $16.7 million.
• Enbridge announced a dividend of $0.6839 per share, raising its annualized dividend to $2.74, which represents a yield of 5.7%.
• Analyst ratings for Enbridge include one "Strong Buy," six "Buy," and four "Hold," with a consensus target price of $60.50.

NewEdge Advisors LLC raised its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 376,551 shares of the pipeline company's stock after buying an additional 15,659 shares during the quarter. NewEdge Advisors LLC's holdings in Enbridge were worth $16,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ENB. Goldman Sachs Group Inc. increased its holdings in shares of Enbridge by 137.9% during the first quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock valued at $1,458,128,000 after acquiring an additional 19,074,827 shares in the last quarter. Nuveen LLC bought a new position in Enbridge in the 1st quarter valued at $208,490,000. Canada Pension Plan Investment Board grew its stake in Enbridge by 39.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company's stock valued at $421,675,000 after purchasing an additional 2,707,068 shares during the period. Maple Brown Abbott Ltd bought a new position in shares of Enbridge during the 1st quarter worth $77,976,000. Finally, JPMorgan Chase & Co. grew its stake in shares of Enbridge by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock worth $781,792,000 after acquiring an additional 1,680,116 shares during the period. Institutional investors own 54.60% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Tuesday, August 5th. Wall Street Zen cut Enbridge from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Argus raised their price objective on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. Finally, Zacks Research upgraded Enbridge from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Stock Up 0.0%

Enbridge stock traded up $0.01 during mid-day trading on Tuesday, hitting $48.33. The company had a trading volume of 2,632,761 shares, compared to its average volume of 3,634,143. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The stock's 50 day moving average price is $46.34 and its two-hundred day moving average price is $45.21. Enbridge Inc has a 12 month low of $39.73 and a 12 month high of $48.68. The company has a market capitalization of $105.38 billion, a PE ratio of 23.81, a price-to-earnings-growth ratio of 4.42 and a beta of 0.80.

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

Enbridge Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were paid a dividend of $0.6839 per share. The ex-dividend date was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.7%. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio (DPR) is currently 134.98%.

Enbridge 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.