Canandaigua National Bank & Trust Co. Takes $1.38 Million Position in Enbridge Inc $ENB

Canandaigua National Bank & Trust Co. purchased a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the second quarter, HoldingsChannel.com reports. The fund purchased 25,501 shares of the pipeline company’s stock, valued at approximately $1,382,000.

Other large investors have also made changes to their positions in the company. Arlington Trust Co LLC increased its stake in Enbridge by 114.6% in the second quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 267 shares during the last quarter. CoreCap Advisors LLC lifted its stake in Enbridge by 8.3% during the second quarter. CoreCap Advisors LLC now owns 9,209 shares of the pipeline company’s stock worth $499,000 after purchasing an additional 709 shares during the last quarter. Howard Financial Services LTD. bought a new stake in Enbridge during the second quarter worth $278,000. SWP Investment Management LLC boosted its holdings in shares of Enbridge by 3.9% in the 2nd quarter. SWP Investment Management LLC now owns 39,246 shares of the pipeline company’s stock valued at $2,128,000 after purchasing an additional 1,480 shares in the last quarter. Finally, Eastern Bank boosted its holdings in shares of Enbridge by 73.8% in the 2nd quarter. Eastern Bank now owns 11,550 shares of the pipeline company’s stock valued at $626,000 after purchasing an additional 4,904 shares in the last quarter. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Stock Down 2.8%

Shares of NYSE:ENB opened at $51.91 on Thursday. The firm has a market cap of $113.36 billion, a P/E ratio of 27.76 and a beta of 0.58. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The business has a fifty day simple moving average of $55.28 and a 200 day simple moving average of $53.77. The company has a quick ratio of 0.73, a current ratio of 0.72 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $9.70 billion for the quarter, compared to analyst estimates 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 previous year, the company posted $0.65 EPS. Analysts predict that Enbridge Inc will post 2.12 earnings per share for the current year.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $0.97 per share. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. The ex-dividend date of this dividend is Friday, August 14th. Enbridge’s dividend payout ratio is currently 152.41%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ENB. TD Securities reissued a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Scotiabank reaffirmed an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a report on Friday, May 22nd. Five equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.67.

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.