Opal Capital LLC Has $7.44 Million Stake in Enbridge Inc $ENB

Key Points

• Opal Capital reduced its Enbridge stake by 34.2% in the first quarter, selling 71,512 shares and retaining 137,405 shares valued at approximately $7.44 million.
• Enbridge reported quarterly earnings of $0.71 per share, exceeding analyst expectations of $0.69, while revenue reached $9.37 billion versus the $8.49 billion estimate.
• The company declared a quarterly dividend of $0.97, representing an annualized payout of $3.88 and a 7.0% yield; analysts maintain a “Moderate Buy” consensus with a $66.50 target price.

Opal Capital LLC reduced its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 34.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 137,405 shares of the pipeline company's stock after selling 71,512 shares during the period. Enbridge makes up approximately 1.3% of Opal Capital LLC's investment portfolio, making the stock its 20th biggest position. Opal Capital LLC's holdings in Enbridge were worth $7,439,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Third View Private Wealth LLC bought a new stake in shares of Enbridge during the 4th quarter worth approximately $3,691,000. Vanguard Group Inc. raised its position in Enbridge by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares in the last quarter. RNC Capital Management LLC lifted its stake in Enbridge by 1.6% during the fourth quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company's stock worth $69,196,000 after purchasing an additional 22,637 shares during the last quarter. Thomasville National Bank boosted its holdings in shares of Enbridge by 3.0% in the 4th quarter. Thomasville National Bank now owns 868,003 shares of the pipeline company's stock valued at $41,517,000 after purchasing an additional 24,993 shares in the last quarter. Finally, Intact Investment Management Inc. boosted its holdings in shares of Enbridge by 22.8% in the 4th quarter. Intact Investment Management Inc. now owns 987,976 shares of the pipeline company's stock valued at $47,275,000 after purchasing an additional 183,163 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Stock Down 0.1%

Shares of ENB opened at $55.31 on Wednesday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. Enbridge Inc has a 52 week low of $44.58 and a 52 week high of $58.45. The stock has a market capitalization of $120.79 billion, a price-to-earnings ratio of 25.97 and a beta of 0.58. The stock has a fifty day moving average of $55.68 and a 200-day moving average of $53.43.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The business had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the previous year, the company posted $1.03 EPS. As a group, sell-side analysts anticipate that Enbridge Inc will post 2.13 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders 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 dividend yield of 7.0%. Enbridge's dividend payout ratio is currently 133.80%.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of research analyst reports. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a report on Sunday, July 12th. Royal Bank Of Canada lifted their target price on Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Finally, TD Securities restated a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, Enbridge presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.50.

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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