Wellington Management Group LLP Buys New Stake in Enbridge Inc $ENB

Key Points

• Wellington Management acquired 1,009,803 Enbridge shares in the second quarter, valued at approximately $54.7 million. Institutional investors collectively own 54.6% of the company.
• Enbridge reported quarterly EPS of $0.46, beating analyst expectations of $0.43, while revenue reached $9.70 billion versus the $8.67 billion consensus estimate.
• The company pays a quarterly dividend of $0.97 per share, or $3.88 annualized, representing a 7.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $67.

Wellington Management Group LLP purchased a new stake in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,009,803 shares of the pipeline company's stock, valued at approximately $54,741,000.

Several other large investors also recently bought and sold shares of ENB. Deutsche Bank AG acquired a new stake in shares of Enbridge during the second quarter worth about $1,850,502,000. Norges Bank purchased a new position in Enbridge during the 4th quarter worth approximately $1,195,559,000. Ontario Teachers Pension Plan Board acquired a new position in Enbridge during the second quarter worth approximately $467,782,000. Auto Owners Insurance Co increased its position in Enbridge by 4,683.0% during the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company's stock worth $40,975,000 after buying an additional 8,387,721 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Enbridge in the second quarter valued at approximately $412,627,000. Institutional investors and hedge funds own 54.60% of the company's stock.

Enbridge Trading Up 0.5%

Shares of Enbridge stock opened at $50.54 on Friday. Enbridge Inc has a 52-week low of $45.03 and a 52-week high of $58.45. 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's 50-day simple moving average is $53.24 and its 200-day simple moving average is $53.98. The firm has a market cap of $110.38 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 5.97 and a beta of 0.57.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to analysts' expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the firm posted $0.65 EPS. As a group, equities research analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. The ex-dividend date was Friday, August 14th. Enbridge's payout ratio is presently 147.06%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ENB. TD Securities restated a "hold" rating on shares of Enbridge in a research report on Thursday, July 16th. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Enbridge from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. Finally, Scotiabank restated an "outperform" rating on shares of Enbridge in a research note on Tuesday, July 21st. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $67.00.

Enbridge 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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