Zions Bancorporation National Association UT Takes Position in Enbridge Inc (NYSE:ENB)

Key Points

• Zions Bancorporation National Association UT acquired a new position in Enbridge Inc, purchasing 255,908 shares valued at approximately $11.34 million, making it the 20th largest holding in their investment portfolio.
• Enbridge recently reported $0.47 earnings per share for the last quarter, surpassing analysts' expectations of $0.41, while its revenues amounted to $7.14 billion compared to estimates of $10.56 billion.
• The company announced an increase in its quarterly dividend to $0.6839, representing a 5.8% annual yield, with a challenging payout ratio of 134.98%.

Zions Bancorporation National Association UT bought a new stake in shares of Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 255,908 shares of the pipeline company's stock, valued at approximately $11,339,000. Enbridge comprises about 0.7% of Zions Bancorporation National Association UT's investment portfolio, making the stock its 20th biggest holding.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Enbridge by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 93,187,025 shares of the pipeline company's stock worth $4,124,271,000 after acquiring an additional 1,569,879 shares during the period. TD Asset Management Inc grew its stake in shares of Enbridge by 1.3% during the 1st quarter. TD Asset Management Inc now owns 39,265,817 shares of the pipeline company's stock worth $1,737,602,000 after acquiring an additional 513,058 shares during the period. Deutsche Bank AG grew its stake in shares of Enbridge by 13.9% during the 4th quarter. Deutsche Bank AG now owns 36,336,212 shares of the pipeline company's stock worth $1,541,745,000 after acquiring an additional 4,426,684 shares during the period. Goldman Sachs Group Inc. grew its stake 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. Finally, Mackenzie Financial Corp grew its stake in shares of Enbridge by 1.7% during the 4th quarter. Mackenzie Financial Corp now owns 18,880,985 shares of the pipeline company's stock worth $800,507,000 after acquiring an additional 319,435 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ENB shares. Wall Street Zen upgraded Enbridge from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. National Bankshares restated a "sector perform" rating on shares of Enbridge in a research note on Tuesday. BMO Capital Markets restated a "market perform" rating on shares of Enbridge in a research note on Monday, May 12th. Royal Bank Of Canada restated an "outperform" rating and issued a $67.00 target price on shares of Enbridge in a research note on Monday, May 12th. Finally, Raymond James Financial upgraded Enbridge to a "moderate buy" rating in a research note on Wednesday, April 23rd. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Enbridge presently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Enbridge Price Performance

NYSE ENB traded down $0.05 during trading hours on Friday, hitting $47.03. The company had a trading volume of 2,387,065 shares, compared to its average volume of 3,980,450. Enbridge Inc has a 52 week low of $38.44 and a 52 week high of $47.44. The firm has a 50 day simple moving average of $45.48 and a 200 day simple moving average of $44.63. The company has a debt-to-equity ratio of 1.58, a quick ratio of 0.66 and a current ratio of 0.75. The firm has a market capitalization of $102.55 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 4.32 and a beta of 0.79.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last issued its earnings results on Friday, August 1st. The pipeline company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.41 by $0.06. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $10.56 billion. Enbridge had a return on equity of 10.77% and a net margin of 10.11%. During the same quarter last year, the company earned $0.58 EPS. Equities research analysts expect that Enbridge Inc will post 2.14 earnings per share for the current year.

Enbridge Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Stockholders of record on Friday, August 15th will be given a dividend of $0.6839 per share. This is a boost from Enbridge's previous quarterly dividend of $0.68. The ex-dividend date is Friday, August 15th. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.8%. Enbridge's dividend payout ratio is 133.99%.

Enbridge Profile

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.