Sound Income Strategies LLC Raises Position in Enbridge Inc $ENB

Key Points

• Sound Income Strategies LLC increased its position in Enbridge Inc by 6.0%, owning approximately 692,416 shares, valued at around $31,380,000.
• Enbridge's recent earnings report revealed an EPS of $0.47, surpassing analyst estimates of $0.41, with quarterly revenue of $7.14 billion.
• The company announced a quarterly dividend increase to $0.6839 per share, resulting in an annual yield of 5.5%.

Sound Income Strategies LLC raised its holdings in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 6.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 692,416 shares of the pipeline company's stock after buying an additional 39,023 shares during the period. Enbridge comprises approximately 1.8% of Sound Income Strategies LLC's portfolio, making the stock its 13th largest position. Sound Income Strategies LLC's holdings in Enbridge were worth $31,380,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dagco Inc. bought a new position in Enbridge during the 1st quarter worth approximately $25,000. Garde Capital Inc. purchased a new stake in shares of Enbridge during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Enbridge in the first quarter worth approximately $28,000. Accent Capital Management LLC bought a new position in shares of Enbridge in the first quarter worth approximately $30,000. Finally, Wolff Wiese Magana LLC increased its stake in shares of Enbridge by 91.3% in the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock worth $34,000 after buying an additional 365 shares during the period. 54.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ENB has been the subject of several analyst reports. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Jefferies Financial Group upgraded shares of Enbridge from a "hold" rating to a "buy" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded Enbridge from a "hold" rating to a "sell" rating in a report on Sunday, September 21st. Argus upped their price target on Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, August 12th. Finally, Zacks Research cut Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Enbridge has an average rating of "Moderate Buy" and an average target price of $60.50.

Enbridge Stock Performance

Shares of ENB opened at $49.59 on Monday. The company has a 50-day simple moving average of $47.58 and a two-hundred day simple moving average of $45.90. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.75 and a quick ratio of 0.65. The firm has a market capitalization of $108.15 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 4.54 and a beta of 0.80. Enbridge Inc has a one year low of $39.73 and a one year high of $50.15.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last posted its 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 firm had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%.During the same quarter in the prior year, the business earned $0.58 EPS. On average, analysts anticipate that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Shareholders of record on Friday, August 15th were given a dividend of $0.6839 per share. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend was Friday, August 15th. Enbridge's payout ratio is 134.98%.

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.

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