Western Wealth Management LLC Buys 28,091 Shares of Enbridge Inc $ENB

Key Points

• Western Wealth Management increased its Enbridge position by 346.8%, purchasing 28,091 additional shares and bringing its holdings to 36,190 shares valued at approximately $1.96 million. Institutional investors collectively own 54.6% of the stock.
• Analysts maintain a generally cautious outlook, with four Buy ratings and seven Holds producing an average rating of Hold and an average price target of $67.00.
• Enbridge beat quarterly earnings expectations with EPS of $0.46 versus $0.43 expected and revenue of $9.70 billion. The company declared a quarterly dividend of $0.97, equivalent to a 7.5% annualized yield.

Western Wealth Management LLC boosted its position in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 346.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,190 shares of the pipeline company's stock after purchasing an additional 28,091 shares during the period. Western Wealth Management LLC's holdings in Enbridge were worth $1,959,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of ENB. Vanguard Group Inc. lifted its position in shares of 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 last quarter. Norges Bank bought a new stake in Enbridge in the 4th quarter valued at about $1,195,559,000. Geode Capital Management LLC raised its stake in Enbridge by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company's stock valued at $1,045,172,000 after acquiring an additional 1,415,995 shares during the period. Legal & General Group Plc lifted its holdings 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 purchasing an additional 858,323 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings 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 purchasing an additional 844,594 shares during the last quarter. 54.60% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BMO Capital Markets reiterated a "market perform" rating on shares of Enbridge in a research note 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. Scotiabank reaffirmed an "outperform" rating on shares of Enbridge in a report on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b)" rating on shares of Enbridge in a research note on Friday, May 22nd. Finally, Wolfe Research set a $50.00 target price on shares of Enbridge in a report on Tuesday, August 4th. Four investment 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.com, the company has an average rating of "Hold" and an average target price of $67.00.

Enbridge Stock Up 0.4%

ENB stock opened at $51.60 on Wednesday. The stock has a 50-day simple moving average of $54.97 and a two-hundred day simple moving average of $53.88. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45. The firm has a market capitalization of $112.71 billion, a PE ratio of 27.60 and a beta of 0.58. The company has a quick ratio of 0.66, a current ratio of 0.72 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. The firm had revenue of $9.70 billion for the quarter, compared to the consensus estimate 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 prior year, the firm posted $0.65 earnings per share. On average, equities analysts predict that Enbridge Inc will post 2.1 EPS for the current fiscal year.

Enbridge Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.5%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge's dividend payout ratio (DPR) is presently 152.41%.

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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