Swiss National Bank Buys 1,562,800 Shares of Enbridge Inc $ENB

Key Points

• Swiss National Bank increased its Enbridge stake by 27% in Q1, buying 1,562,800 additional shares and bringing its total holding to 7,342,431 shares worth about $397.4 million.
• Enbridge reported better-than-expected quarterly results, with EPS of $0.71 versus estimates of $0.69 and revenue of $9.37 billion versus expectations of $8.49 billion.
• The company continues to offer a high dividend yield of 6.8%, while analysts currently rate the stock a Moderate Buy with an average target price of $66.50.

Swiss National Bank raised its stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 27.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,342,431 shares of the pipeline company's stock after purchasing an additional 1,562,800 shares during the quarter. Swiss National Bank owned approximately 0.34% of Enbridge worth $397,439,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ENB. Brighton Jones LLC bought a new position in Enbridge in the fourth quarter worth about $261,000. AQR Capital Management LLC boosted its position in Enbridge by 68.5% during the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company's stock valued at $1,264,000 after acquiring an additional 11,599 shares in the last quarter. AXA S.A. boosted its position in Enbridge by 15.5% during the 2nd quarter. AXA S.A. now owns 113,887 shares of the pipeline company's stock valued at $5,161,000 after acquiring an additional 15,259 shares in the last quarter. Diversify Advisory Services LLC grew its holdings in shares of Enbridge by 93.1% during the 2nd quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company's stock worth $1,042,000 after acquiring an additional 10,617 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Enbridge by 80.1% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company's stock worth $3,553,000 after acquiring an additional 34,912 shares during the period. 54.60% of the stock is currently owned by institutional investors.

Enbridge Price Performance

ENB stock opened at $56.68 on Friday. The firm has a 50 day moving average price of $55.64 and a 200-day moving average price of $52.96. Enbridge Inc has a 52-week low of $44.53 and a 52-week high of $58.45. The firm has a market capitalization of $123.79 billion, a price-to-earnings ratio of 26.61 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81.

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, topping analysts' consensus estimates of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion for the quarter, compared to analysts' expectations of $8.49 billion. During the same period in the previous year, the firm posted $1.03 EPS. Equities research analysts forecast that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Dividend Announcement

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 6.8%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge's dividend payout ratio is currently 133.80%.

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 research note on Friday, May 22nd. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a report on Monday, May 11th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Scotiabank restated an "outperform" rating on shares of Enbridge in a report on Monday, May 11th. Finally, Royal Bank Of Canada boosted their target price on shares of Enbridge from $76.00 to $79.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Enbridge presently has an average rating of "Moderate Buy" and an average 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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