507,626 Shares in Enbridge Inc $ENB Bought by Ninepoint Partners LP

Ninepoint Partners LP bought a new stake in Enbridge Inc (NYSE:ENB) (TSE:ENB) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 507,626 shares of the pipeline company’s stock, valued at approximately $27,518,000. Enbridge makes up about 2.1% of Ninepoint Partners LP’s investment portfolio, making the stock its 12th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ENB. Deutsche Bank AG acquired a new position in shares of Enbridge during the 2nd quarter worth about $1,850,502,000. Norges Bank bought a new position in Enbridge in the fourth quarter valued at approximately $1,195,559,000. Ontario Teachers Pension Plan Board acquired a new position in shares of Enbridge during the 2nd quarter worth approximately $467,782,000. Auto Owners Insurance Co raised its stake in shares of Enbridge by 4,683.0% during the 4th quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Enbridge during the 2nd quarter worth approximately $412,627,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Trading Up 1.6%

Shares of ENB stock opened at $51.07 on Friday. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The company has a market capitalization of $111.54 billion, a PE ratio of 27.31 and a beta of 0.58. The firm has a 50 day moving average price of $54.26 and a two-hundred day moving average price of $54.02. 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) (TSE:ENB) last posted its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion for the quarter, compared to the consensus estimate 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 prior year, the business earned $0.65 earnings per share. As a group, analysts predict that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.6%. Enbridge’s payout ratio is 147.06%.

Analyst Ratings Changes

Several equities analysts recently weighed in on ENB shares. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. Wolfe Research set a $50.00 price target on shares of Enbridge in a research report on Tuesday, August 4th. Royal Bank Of Canada increased their price target on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $67.00.

About Enbridge

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.