Principal Financial Group Inc. Sells 77,362 Shares of Enbridge Inc $ENB

Key Points

• Principal Financial Group reduced its Enbridge stake by 21.1% in the first quarter, selling 77,362 shares and leaving it with 288,722 shares worth about $15.6 million.
• Enbridge reported quarterly earnings of $0.71 per share, topping analyst estimates, while revenue of $9.37 billion also beat expectations.
• The company declared a quarterly dividend of $0.97 per share, equal to an annualized yield of about 6.9%, and analysts currently rate the stock a Moderate Buy with a $66.50 consensus target.

Principal Financial Group Inc. trimmed its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 21.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 288,722 shares of the pipeline company's stock after selling 77,362 shares during the quarter. Principal Financial Group Inc.'s holdings in Enbridge were worth $15,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently made changes to their positions in the company. Triumph Capital Management purchased a new stake in Enbridge in the 3rd quarter valued at about $26,000. Turning Point Benefit Group Inc. bought a new stake in shares of Enbridge in the 3rd quarter worth approximately $28,000. Inspire Investing LLC bought a new stake in shares of Enbridge in the fourth quarter valued at $29,000. Imprint Wealth LLC purchased a new stake in Enbridge during the third quarter valued at about $31,000. Finally, Garner Asset Management Corp purchased a new stake in shares of Enbridge during the 4th quarter valued at approximately $30,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Up 0.2%

Shares of ENB stock opened at $56.38 on Friday. The firm has a market cap of $123.13 billion, a P/E ratio of 26.47 and a beta of 0.58. The business has a 50-day moving average price of $55.70 and a two-hundred day moving average price of $53.22. The company has a quick ratio of 0.73, a current ratio of 0.81 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12-month low of $44.58 and a 12-month high of $58.45.

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

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a dividend yield of 6.9%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge's payout ratio is 133.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. TD Securities reaffirmed a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Scotiabank restated an "outperform" rating on shares of Enbridge in a research note on Tuesday. 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 report on Monday, May 11th. Finally, Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Enbridge has a consensus rating of "Moderate Buy" and a consensus target price of $66.50.

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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