Turtle Creek Wealth Advisors LLC Purchases New Position in Enbridge Inc $ENB

Key Points

• Turtle Creek Wealth Advisors LLC has purchased a new position in Enbridge Inc, acquiring 9,840 shares valued at approximately $446,000 in the second quarter.
• Research analysts are divided on Enbridge, with six analysts rating it as a Buy and seven as a Hold, while Zacks recently downgraded the rating from strong-buy to hold.
• Enbridge has announced a quarterly dividend increase, paying $0.6839 per share, which represents an annualized dividend yield of 5.8%.

Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,840 shares of the pipeline company's stock, valued at approximately $446,000.

Other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. grew its holdings in shares of Enbridge by 137.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 32,907,433 shares of the pipeline company's stock worth $1,458,128,000 after acquiring an additional 19,074,827 shares during the period. Nuveen LLC purchased a new position in shares of Enbridge during the 1st quarter worth approximately $208,490,000. Canada Pension Plan Investment Board grew its holdings in shares of Enbridge by 39.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 9,525,987 shares of the pipeline company's stock worth $421,675,000 after acquiring an additional 2,707,068 shares during the period. Maple Brown Abbott Ltd purchased a new position in shares of Enbridge during the 1st quarter worth approximately $77,976,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Enbridge by 10.5% during the 1st quarter. JPMorgan Chase & Co. now owns 17,643,681 shares of the pipeline company's stock worth $781,792,000 after acquiring an additional 1,680,116 shares during the period. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on ENB. Zacks Research downgraded Enbridge from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 17th. Argus upped their target price on Enbridge from $50.00 to $54.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Cibc World Mkts cut Enbridge from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 9th. CIBC cut Enbridge from an "outperform" rating to a "neutral" rating in a research report on Thursday, October 9th. Finally, National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, Enbridge presently has a consensus rating of "Hold" and an average target price of $60.50.

Enbridge Stock Performance

ENB stock opened at $47.24 on Friday. The stock has a market capitalization of $103.02 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 4.37 and a beta of 0.78. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.54. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. The stock's 50 day simple moving average is $48.47 and its 200 day simple moving average is $46.34.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion for 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 firm posted $0.58 EPS. As a group, research analysts forecast that Enbridge Inc will post 2.14 earnings per share for the current fiscal year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 15th were given a $0.6839 dividend. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, August 15th. This represents a $2.74 annualized dividend and a yield of 5.8%. Enbridge's payout ratio is currently 134.98%.

About Enbridge

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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