Ritholtz Wealth Management Raises Stock Position in Enbridge Inc $ENB

Key Points

• Ritholtz Wealth Management increased its stake in Enbridge Inc by 37.7%, owning 71,834 shares worth approximately $3.26 million.
• Enbridge reported a quarterly earnings per share of $0.47, surpassing analysts' expectations, despite revenue falling short of estimates at $7.14 billion.
• The company raised its quarterly dividend to $0.6839 per share, resulting in an annualized yield of 5.7%, although it comes with a high dividend payout ratio of 134.98%.

Ritholtz Wealth Management increased its stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 37.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 71,834 shares of the pipeline company's stock after acquiring an additional 19,655 shares during the quarter. Ritholtz Wealth Management's holdings in Enbridge were worth $3,256,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ENB. Dagco Inc. purchased a new stake in shares of Enbridge during the first quarter worth about $25,000. Garde Capital Inc. purchased a new stake in Enbridge during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Enbridge during the 1st quarter worth approximately $28,000. Accent Capital Management LLC purchased a new stake in Enbridge during the 1st quarter worth approximately $30,000. Finally, Wolff Wiese Magana LLC increased its position in shares of Enbridge by 91.3% during the first 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. Hedge funds and other institutional investors own 54.60% of the company's stock.

Enbridge Trading Up 0.2%

Shares of Enbridge stock opened at $47.62 on Thursday. The firm has a market capitalization of $103.84 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 4.36 and a beta of 0.78. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.65 and a current ratio of 0.75. Enbridge Inc has a fifty-two week low of $39.73 and a fifty-two week high of $50.54. The stock has a 50 day moving average of $48.46 and a 200 day moving average of $46.32.

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

Enbridge Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a dividend of $0.6839 per share. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. Enbridge's dividend payout ratio is 134.98%.

Wall Street Analysts Forecast Growth

ENB has been the subject of several research reports. Wall Street Zen cut Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. National Bankshares reaffirmed a "sector perform" rating on shares of Enbridge in a research note on Tuesday, August 5th. Zacks Research cut shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Enbridge in a research note on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $60.50.

Enbridge Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.