Premier Fund Managers Ltd Acquires 50,000 Shares of Enbridge Inc (NYSE:ENB)

Key Points

• Premier Fund Managers Ltd increased its stake in Enbridge Inc by 17.9% after purchasing an additional 50,000 shares, bringing their total holdings to 328,800 shares.
• Analysts have issued a consensus rating of "Moderate Buy" for Enbridge, with a price target of $67.00, reflecting bullish sentiment from several financial institutions.
• Enbridge's latest quarterly earnings report showed $0.72 EPS, exceeding the consensus estimate of $0.68, despite revenue being $7.27 billion, below anticipated levels.

Premier Fund Managers Ltd boosted its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 17.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 328,800 shares of the pipeline company's stock after purchasing an additional 50,000 shares during the quarter. Premier Fund Managers Ltd's holdings in Enbridge were worth $14,569,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ENB. Garde Capital Inc. acquired a new position in shares of Enbridge during the 1st quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Enbridge during the 1st quarter worth $28,000. GeoWealth Management LLC increased its holdings in Enbridge by 436.4% in the 4th quarter. GeoWealth Management LLC now owns 751 shares of the pipeline company's stock worth $32,000 after purchasing an additional 611 shares in the last quarter. Wolff Wiese Magana LLC increased its holdings in Enbridge by 91.3% in the 1st quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after purchasing an additional 365 shares in the last quarter. Finally, Capital A Wealth Management LLC acquired a new position in Enbridge in the 4th quarter worth about $39,000. 54.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a report on Monday, May 12th. BMO Capital Markets reaffirmed a "market perform" rating on shares of Enbridge in a report on Monday, May 12th. Jefferies Financial Group raised Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Raymond James Financial raised Enbridge to a "moderate buy" rating in a report on Wednesday, April 23rd. Finally, Citigroup initiated coverage on Enbridge in a research note on Friday, April 4th. They issued a "buy" rating for the company. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Enbridge Trading Down 0.2%

Shares of Enbridge stock traded down $0.09 on Wednesday, hitting $44.99. 2,642,888 shares of the company's stock traded hands, compared to its average volume of 4,010,623. Enbridge Inc has a one year low of $36.50 and a one year high of $47.44. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.73 and a quick ratio of 0.66. The company has a fifty day moving average of $45.40 and a two-hundred day moving average of $44.52. The company has a market capitalization of $98.10 billion, a price-to-earnings ratio of 23.19, a price-to-earnings-growth ratio of 4.15 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, May 9th. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.04. The business had revenue of $7.27 billion for the quarter, compared to analyst estimates of $10.20 billion. Enbridge had a return on equity of 10.41% and a net margin of 10.16%. During the same quarter in the prior year, the company earned $0.92 earnings per share. As a group, sell-side analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Shareholders of record on Friday, August 15th will be given a $0.6839 dividend. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date of this dividend is Friday, August 15th. Enbridge's dividend payout ratio (DPR) is currently 139.69%.

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.