Oppenheimer Asset Management Inc. Acquires New Position in Enbridge Inc $ENB

Key Points

• Oppenheimer Asset Management acquired 597,754 Enbridge shares during the second quarter, worth approximately $32.4 million. Institutional investors now own 54.6% of the company.
• Analyst sentiment is mixed, with four Buy ratings and seven Hold ratings; Enbridge has an average rating of Hold and an average price target of $67.
• Enbridge beat quarterly earnings expectations, reporting $0.46 in EPS versus $0.43 expected, while announcing a quarterly dividend of $0.97 per share, representing a 7.6% annualized yield.

Oppenheimer Asset Management Inc. acquired a new position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 597,754 shares of the pipeline company's stock, valued at approximately $32,404,000.

A number of other large investors have also recently bought and sold shares of ENB. Triumph Capital Management acquired a new position in Enbridge in the third quarter valued at approximately $26,000. Arlington Trust Co LLC raised its position in shares of Enbridge by 114.6% during the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after purchasing an additional 267 shares during the period. Turning Point Benefit Group Inc. acquired a new stake in shares of Enbridge during the 3rd quarter worth approximately $28,000. Inspire Investing LLC acquired a new stake in shares of Enbridge during the 4th quarter worth approximately $29,000. Finally, Garner Asset Management Corp bought a new stake in shares of Enbridge in the 4th quarter worth approximately $30,000. Institutional investors own 54.60% of the company's stock.

Analyst Upgrades and Downgrades

ENB has been the subject of a number of analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a research report on Friday, May 22nd. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a research report on Tuesday, July 21st. Wolfe Research set a $50.00 target price on Enbridge in a research note on Tuesday, August 4th. Royal Bank Of Canada raised their target price on Enbridge from $79.00 to $84.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a report on Monday, August 3rd. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $67.00.

Enbridge Price Performance

Shares of NYSE:ENB opened at $50.89 on Friday. The firm's 50 day moving average is $54.67 and its two-hundred day moving average is $53.91. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The firm has a market capitalization of $111.15 billion, a P/E ratio of 27.22 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69.

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

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.6%. Enbridge's payout ratio is presently 152.41%.

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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