Laurel Grove Capital LLC bought a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 18,550 shares of the pipeline company’s stock, valued at approximately $738,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Caisse DE Depot ET Placement DU Quebec boosted its position in Enbridge by 10.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 43,464,138 shares of the pipeline company’s stock valued at $1,818,540,000 after buying an additional 4,256,369 shares in the last quarter. TD Asset Management Inc. boosted its position in Enbridge by 28.2% in the first quarter. TD Asset Management Inc. now owns 41,491,668 shares of the pipeline company’s stock valued at $1,733,219,000 after buying an additional 9,123,400 shares in the last quarter. Vanguard Group Inc. boosted its position in Enbridge by 82.9% in the first quarter. Vanguard Group Inc. now owns 38,983,086 shares of the pipeline company’s stock valued at $1,631,051,000 after buying an additional 17,671,076 shares in the last quarter. Bank of Montreal Can boosted its position in Enbridge by 72.4% in the first quarter. Bank of Montreal Can now owns 38,965,561 shares of the pipeline company’s stock valued at $1,630,318,000 after buying an additional 16,369,985 shares in the last quarter. Finally, FMR LLC boosted its position in Enbridge by 30.6% in the first quarter. FMR LLC now owns 34,484,573 shares of the pipeline company’s stock valued at $1,444,626,000 after buying an additional 8,072,511 shares in the last quarter. 63.83% of the stock is currently owned by institutional investors.
Shares of Enbridge Inc (NYSE:ENB) opened at 40.61 on Thursday. Enbridge Inc has a 1-year low of $37.37 and a 1-year high of $45.77. The company has a market capitalization of $66.55 billion, a price-to-earnings ratio of 42.52 and a beta of 0.62. The company’s 50 day moving average price is $40.60 and its 200-day moving average price is $41.01.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.05. Enbridge had a return on equity of 6.04% and a net margin of 5.28%. The company had revenue of $8.26 billion during the quarter, compared to the consensus estimate of $8.81 billion. During the same period in the prior year, the business posted $0.50 earnings per share. On average, equities analysts forecast that Enbridge Inc will post $1.64 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be issued a $0.489 dividend. This is a boost from Enbridge’s previous quarterly dividend of $0.33. This represents a $1.96 dividend on an annualized basis and a yield of 4.82%. The ex-dividend date of this dividend is Friday, August 11th. Enbridge’s dividend payout ratio (DPR) is currently 173.79%.
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Several research firms have weighed in on ENB. Zacks Investment Research cut Enbridge from a “hold” rating to a “strong sell” rating in a research report on Monday, April 24th. Morgan Stanley began coverage on Enbridge in a research report on Tuesday, May 2nd. They issued an “equal weight” rating and a $45.00 price objective on the stock. Wolfe Research began coverage on Enbridge in a research report on Friday, May 12th. They issued a “market perform” rating and a $43.00 price objective on the stock. BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Finally, J P Morgan Chase & Co reissued a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $54.00.
Enbridge Company Profile
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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