Independent Financial Group LLC Takes Position in Enbridge Inc $ENB

Independent Financial Group LLC acquired a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 17,325 shares of the pipeline company’s stock, valued at approximately $937,000.

Several other institutional investors have also made changes to their positions in ENB. Wealthfront Advisers LLC boosted its holdings in Enbridge by 3.4% during the first quarter. Wealthfront Advisers LLC now owns 9,008 shares of the pipeline company’s stock valued at $488,000 after purchasing an additional 294 shares in the last quarter. D.A. Davidson & CO. raised its holdings in shares of Enbridge by 8.4% in the 1st quarter. D.A. Davidson & CO. now owns 184,328 shares of the pipeline company’s stock worth $9,980,000 after buying an additional 14,349 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Enbridge by 4.9% in the 1st quarter. Bank of New York Mellon Corp now owns 6,782,732 shares of the pipeline company’s stock worth $367,217,000 after buying an additional 319,575 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Enbridge by 0.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 36,349 shares of the pipeline company’s stock worth $1,968,000 after buying an additional 258 shares during the period. Finally, Members Trust Co bought a new position in shares of Enbridge during the 1st quarter worth approximately $210,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Price Performance

Shares of ENB stock opened at $55.73 on Tuesday. Enbridge Inc has a 1 year low of $44.53 and a 1 year high of $58.45. The firm’s 50 day moving average is $55.66 and its 200-day moving average is $53.05. The firm has a market capitalization of $121.71 billion, a price-to-earnings ratio of 26.16 and a beta of 0.58. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its quarterly earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. Enbridge had a net margin of 9.83% and a return on equity of 11.21%. The business had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. During the same quarter last year, the business posted $1.03 earnings per share. Sell-side analysts forecast that Enbridge Inc will post 2.14 EPS for the current fiscal year.

Enbridge Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Friday, May 15th were paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 7.0%. The ex-dividend date of this dividend was Friday, May 15th. Enbridge’s dividend payout ratio is 133.80%.

Analysts Set New Price Targets

ENB has been the topic of a number of analyst reports. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a research report on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Royal Bank Of Canada upped their target price on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Finally, TD Securities reiterated a “hold” rating on shares of Enbridge in a research report on Thursday. Seven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.50.

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.