Archford Capital Strategies LLC acquired a new stake in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 9,633 shares of the pipeline company’s stock, valued at approximately $344,000.
Several other hedge funds have also modified their holdings of ENB. Toronto Dominion Bank grew its position in shares of Enbridge by 123.0% during the 2nd quarter. Toronto Dominion Bank now owns 9,644,840 shares of the pipeline company’s stock valued at $347,031,000 after acquiring an additional 5,319,398 shares during the period. Fiera Capital Corp grew its position in shares of Enbridge by 165.9% during the 2nd quarter. Fiera Capital Corp now owns 5,405,278 shares of the pipeline company’s stock valued at $193,266,000 after acquiring an additional 3,372,119 shares during the period. Addenda Capital Inc. bought a new stake in shares of Enbridge during the 2nd quarter valued at $100,454,000. Tortoise Capital Advisors L.L.C. grew its position in shares of Enbridge by 23.6% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,757,583 shares of the pipeline company’s stock valued at $241,178,000 after acquiring an additional 1,291,797 shares during the period. Finally, OppenheimerFunds Inc. grew its position in shares of Enbridge by 98.2% during the 1st quarter. OppenheimerFunds Inc. now owns 2,023,455 shares of the pipeline company’s stock valued at $63,678,000 after acquiring an additional 1,002,723 shares during the period. 59.05% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on the stock. ValuEngine raised shares of Enbridge from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 12th. BMO Capital Markets cut their price objective on shares of Enbridge from $61.00 to $59.00 and set an “outperform” rating for the company in a research report on Thursday, June 14th. Bank of America raised shares of Enbridge from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $49.00 to $50.00 in a research report on Friday, August 17th. CIBC downgraded shares of Enbridge to a “buy” rating and set a $57.00 price objective for the company. in a research report on Tuesday, May 22nd. Finally, Morgan Stanley boosted their price objective on shares of Enbridge from $34.00 to $37.00 and gave the company an “equal weight” rating in a research report on Friday, July 13th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $51.40.
Shares of Enbridge stock opened at $34.02 on Friday. The firm has a market capitalization of $58.77 billion, a P/E ratio of 17.22, a PEG ratio of 1.83 and a beta of 0.55. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 0.99. Enbridge Inc has a fifty-two week low of $29.00 and a fifty-two week high of $42.10.
Enbridge (NYSE:ENB) (TSE:ENB) last issued its earnings results on Friday, August 3rd. The pipeline company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.20. The company had revenue of $8.33 billion during the quarter, compared to the consensus estimate of $9.86 billion. Enbridge had a net margin of 5.99% and a return on equity of 8.47%. sell-side analysts forecast that Enbridge Inc will post 2.07 EPS for the current year.
The company also recently announced a dividend, which was paid on Saturday, September 1st. Investors of record on Wednesday, August 15th were issued a $0.516 dividend. The ex-dividend date of this dividend was Tuesday, August 14th. This is an increase from Enbridge’s previous dividend of $0.33. Enbridge’s dividend payout ratio is currently 132.47%.
Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates in five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution, Green Power and Transmission, and Energy Services. The Liquids Pipelines segment operates common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals.
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