Enbridge Inc (NYSE:ENB) Stake Increased by Scotia Capital Inc.
Scotia Capital Inc. boosted its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 1.0% in the 2nd quarter, Holdings Channel reports. The firm owned 8,243,112 shares of the pipeline company’s stock after buying an additional 78,848 shares during the quarter. Enbridge accounts for approximately 3.6% of Scotia Capital Inc.’s portfolio, making the stock its 4th biggest position. Scotia Capital Inc.’s holdings in Enbridge were worth $296,386,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ENB. Manchester Financial Inc. purchased a new position in shares of Enbridge during the second quarter worth approximately $25,000. Westside Investment Management Inc. purchased a new stake in shares of Enbridge in the second quarter valued at approximately $25,000. SRS Capital Advisors Inc. bought a new position in Enbridge in the second quarter worth approximately $35,000. Hanson McClain Inc. grew its stake in Enbridge by 41.9% in the first quarter. Hanson McClain Inc. now owns 1,005 shares of the pipeline company’s stock worth $36,000 after purchasing an additional 297 shares in the last quarter. Finally, Cascade Investment Advisors Inc. purchased a new position in Enbridge during the 2nd quarter worth $36,000. 53.86% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on ENB shares. Wolfe Research cut Enbridge from an “outperform” rating to a “peer perform” rating and set a $37.00 target price for the company. in a report on Thursday, June 13th. Goldman Sachs Group began coverage on Enbridge in a research note on Thursday, July 18th. They set a “neutral” rating on the stock. Bank of America lowered Enbridge from a “buy” rating to a “neutral” rating and set a $49.00 price target on the stock. in a research note on Tuesday, July 2nd. Finally, ValuEngine downgraded Enbridge from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $43.75.
Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, August 2nd. The pipeline company reported $0.50 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.08. The firm had revenue of $9.92 billion during the quarter. Enbridge had a return on equity of 8.16% and a net margin of 9.97%. On average, research analysts predict that Enbridge Inc will post 1.9 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Shareholders of record on Thursday, August 15th were paid a $0.559 dividend. This represents a $2.24 annualized dividend and a yield of 6.45%. The ex-dividend date of this dividend was Wednesday, August 14th. This is a positive change from Enbridge’s previous quarterly dividend of $0.52. Enbridge’s payout ratio is 107.80%.
Enbridge Company Profile
Enbridge Inc operates as an energy infrastructure company in Canada and the United States. The company operates through 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.
See Also: Should You Consider an Index Fund?
Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc (NYSE:ENB) (TSE:ENB).
Receive News & Ratings for Enbridge Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Enbridge and related companies with MarketBeat.com's FREE daily email newsletter.