Orbis Allan Gray Ltd Buys 182,790 Shares of Enbridge Inc $ENB

Key Points

• Orbis Allan Gray Ltd increased its stake in Enbridge Inc by 31.0%, acquiring an additional 182,790 shares, bringing its total holdings to 772,764 shares valued at approximately $34.24 million.
• Enbridge's recent earnings report showed $0.47 earnings per share, surpassing estimates, but revenue of $7.14 billion fell short of expectations of $10.56 billion.
• The company also announced a quarterly dividend increase, raising the payment to $0.6839 per share, which reflects an annualized dividend of $2.74 and a yield of 5.7%.

Orbis Allan Gray Ltd grew its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 31.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 772,764 shares of the pipeline company's stock after purchasing an additional 182,790 shares during the quarter. Orbis Allan Gray Ltd's holdings in Enbridge were worth $34,241,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ENB. Brighton Jones LLC bought a new position in Enbridge during the fourth quarter worth about $261,000. Northern Trust Corp boosted its position in shares of Enbridge by 42.5% in the fourth quarter. Northern Trust Corp now owns 2,538,754 shares of the pipeline company's stock valued at $107,719,000 after acquiring an additional 756,762 shares during the period. Lido Advisors LLC boosted its position in shares of Enbridge by 37.5% in the fourth quarter. Lido Advisors LLC now owns 10,279 shares of the pipeline company's stock valued at $436,000 after acquiring an additional 2,806 shares during the period. South Plains Financial Inc. bought a new position in shares of Enbridge in the fourth quarter valued at approximately $67,000. Finally, Hutner Capital Management Inc. boosted its position in shares of Enbridge by 12.0% in the fourth quarter. Hutner Capital Management Inc. now owns 123,242 shares of the pipeline company's stock valued at $5,229,000 after acquiring an additional 13,233 shares during the period. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Up 0.0%

Enbridge stock traded up $0.02 during mid-day trading on Wednesday, reaching $48.32. The stock had a trading volume of 2,697,220 shares, compared to its average volume of 3,989,872. The company has a market capitalization of $105.35 billion, a price-to-earnings ratio of 23.80, a PEG ratio of 4.42 and a beta of 0.80. The company has a 50-day moving average price of $46.07 and a two-hundred day moving average price of $45.03. Enbridge Inc has a one year low of $39.73 and a one year high of $48.59. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65.

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on ENB. Zacks Research upgraded shares of Enbridge from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Wall Street Zen downgraded shares of Enbridge from a "hold" rating to a "sell" rating in a research note on Saturday. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. BMO Capital Markets reissued a "market perform" rating on shares of Enbridge in a research report on Monday, May 12th. Finally, Argus boosted their target price on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, August 12th. One equities 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 MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.50.

About Enbridge

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.