Purpose Unlimited Inc. Buys Shares of 1,269,289 Enbridge Inc $ENB

Purpose Unlimited Inc. purchased a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 1,269,289 shares of the pipeline company’s stock, valued at approximately $60,738,000. Enbridge comprises approximately 2.8% of Purpose Unlimited Inc.’s portfolio, making the stock its 8th largest holding.

A number of other hedge funds have also modified their holdings of ENB. Brighton Jones LLC acquired a new position in Enbridge in the 4th quarter worth about $261,000. AQR Capital Management LLC lifted its holdings in shares of Enbridge by 68.5% during the 1st quarter. AQR Capital Management LLC now owns 28,533 shares of the pipeline company’s stock valued at $1,264,000 after buying an additional 11,599 shares during the last quarter. AXA S.A. lifted its holdings in shares of Enbridge by 15.5% during the 2nd quarter. AXA S.A. now owns 113,887 shares of the pipeline company’s stock valued at $5,161,000 after buying an additional 15,259 shares during the last quarter. Diversify Advisory Services LLC lifted its holdings in shares of Enbridge by 93.1% during the 2nd quarter. Diversify Advisory Services LLC now owns 22,016 shares of the pipeline company’s stock valued at $1,042,000 after buying an additional 10,617 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in shares of Enbridge by 80.1% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 78,507 shares of the pipeline company’s stock valued at $3,553,000 after buying an additional 34,912 shares in the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Stock Down 0.0%

ENB stock opened at $54.53 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.81 and a quick ratio of 0.73. Enbridge Inc has a 52-week low of $43.59 and a 52-week high of $58.45. The company has a 50-day moving average of $54.92 and a two-hundred day moving average of $51.89. The stock has a market capitalization of $119.08 billion, a price-to-earnings ratio of 25.60 and a beta of 0.58.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. The company had revenue of $9.37 billion for the quarter, compared to the consensus estimate of $8.49 billion. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.During the same period last year, the business posted $1.03 earnings per share. As a group, equities research analysts anticipate that Enbridge Inc will post 2.18 EPS for the current year.

Enbridge Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Friday, May 15th were paid a dividend of $0.97 per share. The ex-dividend date was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 7.1%. Enbridge’s dividend payout ratio is presently 133.80%.

Analyst Ratings Changes

ENB has been the topic of a number of research reports. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Royal Bank Of Canada lifted their price objective on shares of Enbridge from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

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.