Enbridge Inc $ENB Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,045,461 shares of the pipeline company’s stock after acquiring an additional 14,315 shares during the period. Van ECK Associates Corp’s holdings in Enbridge were worth $56,674,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Deutsche Bank AG acquired a new position in Enbridge in the 2nd quarter worth about $1,850,502,000. Norges Bank acquired a new stake in Enbridge in the fourth quarter valued at approximately $1,195,559,000. Geode Capital Management LLC grew its holdings in Enbridge by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 21,421,826 shares of the pipeline company’s stock valued at $1,045,172,000 after purchasing an additional 1,415,995 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Enbridge by 18.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,624,547 shares of the pipeline company’s stock valued at $1,117,353,000 after buying an additional 3,205,322 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Enbridge by 4.6% during the 4th quarter. Legal & General Group Plc now owns 19,677,864 shares of the pipeline company’s stock worth $942,806,000 after buying an additional 858,323 shares during the period. 54.60% of the stock is owned by hedge funds and other institutional investors.

Enbridge Stock Up 0.5%

Shares of NYSE ENB opened at $50.17 on Friday. The stock has a market cap of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12-month low of $45.03 and a 12-month high of $58.45. The company has a 50-day moving average of $53.64 and a 200 day moving average of $54.00.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to analysts’ expectations of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same period in the previous year, the firm posted $0.65 EPS. As a group, sell-side analysts predict that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio is presently 147.06%.

Key Enbridge News

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream’s crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ENB. TD Securities reissued a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. Canadian Imperial Bank of Commerce upgraded shares of Enbridge from a “neutral” rating to a “sector outperform” rating in a research report on Thursday. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Tuesday, July 21st. Royal Bank Of Canada upped their price target on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Enbridge has an average rating of “Moderate Buy” and an average price target of $67.00.

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.