Thomasville National Bank Takes Position in Enbridge Inc $ENB

Key Points

• Thomasville National Bank acquired 880,638 Enbridge shares in the second quarter, worth approximately $47.7 million and representing 2.6% of its portfolio. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge exceeded quarterly expectations, reporting adjusted EPS of $0.46 versus the $0.43 consensus and revenue of $9.70 billion versus estimates of $8.67 billion.
• The company declared a quarterly dividend of $0.97 per share, or $3.88 annualized, yielding about 7.5%. Analysts maintain a consensus “Hold” rating with a $67 price target, compared with the stock’s reported $51.44 opening price.

Thomasville National Bank bought a new position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 880,638 shares of the pipeline company's stock, valued at approximately $47,739,000. Enbridge accounts for 2.6% of Thomasville National Bank's investment portfolio, making the stock its 10th biggest position.

Several other large investors have also recently modified their holdings of ENB. Vanguard Group Inc. raised its holdings in Enbridge by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company's stock valued at $4,802,766,000 after buying an additional 2,067,516 shares during the period. Norges Bank purchased a new position in Enbridge during the fourth quarter worth $1,195,559,000. Geode Capital Management LLC boosted its stake in Enbridge by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock worth $1,045,172,000 after buying an additional 1,415,995 shares during the period. Legal & General Group Plc increased its position in Enbridge by 4.6% during the fourth quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company's stock valued at $942,806,000 after acquiring an additional 858,323 shares during the last quarter. Finally, Mackenzie Financial Corp increased its position in Enbridge by 4.9% during the fourth quarter. Mackenzie Financial Corp now owns 18,163,267 shares of the pipeline company's stock valued at $870,577,000 after acquiring an additional 844,594 shares during the last quarter. Institutional investors own 54.60% of the company's stock.

Enbridge Stock Performance

ENB stock opened at $51.44 on Thursday. 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 business's fifty day simple moving average is $54.88 and its two-hundred day simple moving average is $53.91. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45. The firm has a market cap of $112.35 billion, a price-to-earnings ratio of 27.51 and a beta of 0.58.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.03. The firm had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same period in the previous year, the firm earned $0.65 earnings per share. Analysts predict that Enbridge Inc will post 2.1 earnings per share for the current year.

Enbridge Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.97 per share. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. Enbridge's dividend payout ratio (DPR) is presently 147.06%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Enbridge in a research note on Monday, May 11th. Wolfe Research set a $50.00 price target on shares of Enbridge in a report on Tuesday, August 4th. Royal Bank Of Canada increased their price objective on shares of Enbridge from $79.00 to $84.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. TD Securities reissued a "hold" rating on shares of Enbridge in a research note on Thursday, July 16th. Finally, Scotiabank restated an "outperform" rating on shares of Enbridge in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, Enbridge currently has a consensus rating of "Hold" and a consensus target price of $67.00.

Enbridge Company Profile

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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