Intercontinental Wealth Advisors LLC Purchases New Stake in Enbridge Inc (ENB)
Intercontinental Wealth Advisors LLC purchased a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 70,632 shares of the pipeline company’s stock, valued at approximately $2,812,000. Enbridge makes up 1.8% of Intercontinental Wealth Advisors LLC’s holdings, making the stock its 13th largest position.
Other institutional investors also recently added to or reduced their stakes in the company. Jones Collombin Investment Counsel Inc increased its position in Enbridge by 13.3% during the first quarter. Jones Collombin Investment Counsel Inc now owns 54,111 shares of the pipeline company’s stock worth $2,263,000 after buying an additional 6,355 shares in the last quarter. Cullen Frost Bankers Inc. purchased a new position in Enbridge during the first quarter worth $1,119,000. Lourd Capital LLC purchased a new position in Enbridge during the first quarter worth $345,000. Conning Inc. purchased a new position in Enbridge during the first quarter worth $591,000. Finally, Bourne Lent Asset Management Inc. purchased a new position in Enbridge during the first quarter worth $2,583,000. 61.61% of the stock is owned by institutional investors.
Shares of Enbridge Inc (ENB) traded up 1.15% during midday trading on Friday, hitting $40.45. The stock had a trading volume of 1,581,071 shares. Enbridge Inc has a 12-month low of $37.37 and a 12-month high of $45.77. The company’s 50-day moving average price is $40.64 and its 200-day moving average price is $40.62. The firm has a market cap of $66.57 billion, a price-to-earnings ratio of 33.13 and a beta of 0.63.
Enbridge (NYSE:ENB) (TSE:ENB) last announced its earnings results on Thursday, August 3rd. The pipeline company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by $0.05. Enbridge had a net margin of 5.28% and a return on equity of 6.04%. The firm had revenue of $8.26 billion for the quarter, compared to analyst estimates of $8.81 billion. During the same period last year, the firm earned $0.50 earnings per share. Equities research analysts forecast that Enbridge Inc will post $1.64 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.489 per share. This is an increase from Enbridge’s previous quarterly dividend of $0.33. This represents a $1.96 annualized dividend and a yield of 4.84%. The ex-dividend date was Friday, August 11th. Enbridge’s payout ratio is 190.29%.
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Several equities analysts have weighed in on the company. BidaskClub raised Enbridge from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Morgan Stanley reissued an “equal weight” rating and set a $44.00 price target (down previously from $45.00) on shares of Enbridge in a research report on Friday, July 14th. Wolfe Research assumed coverage on Enbridge in a research report on Friday, May 12th. They set a “market perform” rating and a $43.00 price target for the company. Zacks Investment Research downgraded Enbridge from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, J P Morgan Chase & Co reissued a “neutral” rating on shares of Enbridge in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. Enbridge presently has a consensus rating of “Hold” and an average price target of $53.71.
Enbridge Inc is a Canada-based energy transportation and distribution company. The Company is engaged in delivering energy. It operates through five segments: Liquids Pipelines, Gas Distribution, Gas Pipelines and Processing, Green Power and Transmission, and Energy Services. Liquids Pipelines consists of common carrier and contract crude oil, natural gas liquids (NGL), and refined products pipelines and terminals, including Canadian Mainline, Lakehead Pipeline System, Mid-Continent and Gulf Coast and Regional Oil Sands System.
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