QV Investors Inc. Sells 34,230 Shares of Enbridge Inc $ENB

Key Points

• QV Investors reduced its Enbridge position by 4.7%, selling 34,230 shares during the second quarter. It still held 696,095 shares worth approximately $37.7 million, representing 2.9% of its portfolio.
• Analysts remain cautious on Enbridge, with a consensus “Hold” rating from four Buy and seven Hold recommendations. The average price target is $67.00.
• Enbridge reported quarterly earnings of $0.46 per share, beating estimates of $0.43, while revenue reached $9.70 billion. The company declared a quarterly dividend of $0.97, implying a 7.6% annualized yield, although its payout ratio stood at 152.41%.

QV Investors Inc. lowered its position in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 4.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 696,095 shares of the pipeline company's stock after selling 34,230 shares during the quarter. Enbridge accounts for approximately 2.9% of QV Investors Inc.'s investment portfolio, making the stock its 12th biggest holding. QV Investors Inc.'s holdings in Enbridge were worth $37,735,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Triumph Capital Management bought a new stake in Enbridge during the third quarter worth $26,000. Arlington Trust Co LLC increased 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 valued at $27,000 after purchasing an additional 267 shares during the last quarter. Turning Point Benefit Group Inc. purchased a new stake in shares of Enbridge during the 3rd quarter valued at $28,000. Inspire Investing LLC bought a new stake in shares of Enbridge during the 4th quarter worth $29,000. Finally, Garner Asset Management Corp purchased a new position in shares of Enbridge in the 4th quarter worth about $30,000. 54.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ENB has been the subject of a number of research analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Enbridge in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Raymond James Financial downgraded shares of Enbridge from an "outperform" rating to a "market perform" rating in a research report on Friday, July 31st. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research note on Monday, August 3rd. Finally, TD Securities reaffirmed a "hold" rating on shares of Enbridge in a report on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $67.00.

Enbridge Price Performance

NYSE ENB opened at $51.30 on Friday. The company has a market cap of $112.03 billion, a PE ratio of 27.43 and a beta of 0.58. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69. The firm's 50-day simple moving average is $54.77 and its two-hundred day simple moving average is $53.93.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The firm had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter last year, the company earned $0.65 earnings per share. Research analysts predict that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.97 dividend. This represents a $3.88 dividend on an annualized basis and a yield of 7.6%. The ex-dividend date is Friday, August 14th. Enbridge's payout ratio is currently 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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