Northern Trust Corp Boosts Stock Position in Enbridge Inc $ENB

Key Points

• Northern Trust Corp has increased its stake in Enbridge Inc by 0.8%, owning over 2.5 million shares valued at approximately $113.38 million.
• Enbridge recently reported a quarterly earnings per share (EPS) of $0.47, exceeding expectations, while also announcing a slight dividend increase to $0.6839 per share.
• Wall Street analysts have generally upgraded their ratings on Enbridge, with a consensus rating of "Moderate Buy" and an average target price of $60.50.

Northern Trust Corp grew its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,558,727 shares of the pipeline company's stock after buying an additional 19,973 shares during the quarter. Northern Trust Corp owned 0.12% of Enbridge worth $113,377,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Dagco Inc. bought a new stake in Enbridge in the first quarter valued at about $25,000. Garde Capital Inc. acquired a new position in shares of Enbridge during the first quarter valued at $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Enbridge in the 1st quarter worth approximately $28,000. Accent Capital Management LLC bought a new position in Enbridge during the 1st quarter valued at $30,000. Finally, GeoWealth Management LLC raised its position in Enbridge by 436.4% in the fourth quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company's stock worth $32,000 after acquiring an additional 611 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on ENB shares. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Argus increased 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. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Royal Bank Of Canada reissued an "outperform" rating and issued a $67.00 price objective on shares of Enbridge in a research report on Monday, May 12th. Finally, Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.50.

Enbridge Stock Up 0.5%

Shares of ENB traded up $0.26 during trading hours on Thursday, reaching $47.87. The stock had a trading volume of 1,209,776 shares, compared to its average volume of 3,995,198. 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 firm has a 50-day simple moving average of $45.80 and a 200 day simple moving average of $44.93. The company has a market capitalization of $104.37 billion, a price-to-earnings ratio of 23.57, a P/E/G ratio of 4.34 and a beta of 0.79. Enbridge Inc has a 12 month low of $39.30 and a 12 month high of $48.29.

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 (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $10.56 billion. During the same quarter last year, the company earned $0.58 earnings per share. Equities research 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 5.7%. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's payout ratio is presently 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.