Enbridge Inc $ENB Shares Purchased by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC increased its holdings in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 4.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 334,206 shares of the pipeline company’s stock after purchasing an additional 13,064 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Enbridge were worth $15,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Deutsche Bank AG bought a new position in shares of Enbridge in the second quarter worth $1,850,502,000. Ontario Teachers Pension Plan Board acquired a new position in shares of Enbridge during the second quarter valued at $467,782,000. Bank of New York Mellon Corp acquired a new position in shares of Enbridge during the second quarter valued at $412,627,000. Bank of America Corp DE bought a new stake in shares of Enbridge during the second quarter valued at about $380,896,000. Finally, BlackRock Inc. bought a new stake in shares of Enbridge during the second quarter valued at about $183,623,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Up 0.2%

NYSE:ENB opened at $47.99 on Thursday. The stock has a market cap of $106.97 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 5.70 and a beta of 0.60. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The stock’s 50-day moving average is $48.59 and its two-hundred day moving average is $52.59.

Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The company had revenue of $9.70 billion during the quarter, compared to analyst estimates of $8.67 billion. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. During the same quarter last year, the business posted $0.65 EPS. As a group, equities research analysts forecast that Enbridge Inc will post 2.10 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a dividend of C$0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 8.1%. The ex-dividend date was Friday, August 14th. Enbridge’s dividend payout ratio is 147.06%.

Wall Street Analyst Weigh In

ENB has been the subject of a number of recent analyst reports. BMO Capital Markets upgraded shares of Enbridge from a “market perform” rating to an “outperform” rating and set a $79.50 target price for the company in a research report on Monday, September 14th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, August 27th. Scotiabank raised shares of Enbridge to a “strong-buy” rating in a research note on Thursday, September 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a report on Wednesday, August 19th. Finally, Wolfe Research set a $50.00 price objective on shares of Enbridge in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Enbridge presently has an average rating of “Moderate Buy” and an average price target of $65.88.

About Enbridge

Enbridge Inc is a Canadian energy infrastructure company that operates one of the largest pipeline and energy delivery networks in North America. Its businesses transport crude oil and other liquid hydrocarbons, move and store natural gas, and deliver natural gas to residential, commercial and industrial customers.

The company’s operations span Canada and the United States, including extensive pipeline systems serving major producing regions, refineries and population centers. Enbridge also develops and operates renewable power assets, including offshore and onshore wind projects, solar facilities and other lower-carbon energy infrastructure.

Enbridge traces its history to the Interprovincial Pipe Line Company, founded in 1949 to transport Canadian crude oil.