Triasima Portfolio Management inc. Grows Position in Enbridge Inc $ENB

Key Points

• Triasima Portfolio Management increased its Enbridge position by 21.8% in the second quarter, adding 31,693 shares to hold 177,163 shares valued at approximately $9.6 million. Institutional investors collectively own 54.6% of Enbridge.
• Enbridge reported quarterly earnings of $0.46 per share, beating estimates of $0.43, while revenue reached $9.70 billion versus the $8.67 billion consensus forecast.
• The company declared a quarterly dividend of $0.97 per share, equivalent to an annualized $3.88 and a 7.5% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $67.00.

Triasima Portfolio Management inc. grew its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 21.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 177,163 shares of the pipeline company's stock after acquiring an additional 31,693 shares during the quarter. Enbridge accounts for 1.3% of Triasima Portfolio Management inc.'s portfolio, making the stock its 23rd biggest holding. Triasima Portfolio Management inc.'s holdings in Enbridge were worth $9,604,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Triumph Capital Management purchased a new position in shares of Enbridge in the third quarter valued at $26,000. Arlington Trust Co LLC increased its position in Enbridge by 114.6% in the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company's stock worth $27,000 after purchasing an additional 267 shares during the last quarter. Turning Point Benefit Group Inc. purchased a new stake in Enbridge during the third quarter valued at $28,000. Inspire Investing LLC purchased a new stake in Enbridge during the fourth quarter valued at $29,000. Finally, Garner Asset Management Corp bought a new position in Enbridge during the fourth quarter valued at $30,000. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Down 0.3%

NYSE ENB 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 company has a fifty day moving average of $54.88 and a two-hundred day moving average of $53.91. The firm has a market capitalization of $112.35 billion, a price-to-earnings ratio of 27.51 and a beta of 0.58. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45.

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

Enbridge Dividend Announcement

The company also recently declared 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. This represents a $3.88 annualized dividend and a yield of 7.5%. The ex-dividend date is Friday, August 14th. Enbridge's dividend payout ratio is presently 147.06%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wolfe Research set a $50.00 target price on shares of Enbridge in a report on Tuesday, August 4th. Raymond James Financial downgraded shares of Enbridge from an "outperform" rating to a "market perform" rating in a report on Friday, July 31st. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen raised Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, TD Securities restated a "hold" rating on shares of Enbridge in a research report on Thursday, July 16th. Four investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, Enbridge currently has a consensus rating of "Hold" and an average 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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