Principle Wealth Partners LLC Acquires Shares of 14,675 Enbridge Inc $ENB

Principle Wealth Partners LLC bought a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 14,675 shares of the pipeline company’s stock, valued at approximately $796,000.

Other large investors have also modified their holdings of the company. Triumph Capital Management purchased a new position in shares of Enbridge in the third quarter worth about $26,000. Arlington Trust Co LLC grew its stake in Enbridge by 114.6% during the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after acquiring an additional 267 shares in the last quarter. Turning Point Benefit Group Inc. purchased a new stake in Enbridge during the 3rd quarter valued at about $28,000. Inspire Investing LLC acquired a new stake in Enbridge in the 4th quarter valued at about $29,000. Finally, Garner Asset Management Corp acquired a new stake in Enbridge in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance

NYSE:ENB opened at $50.63 on Tuesday. 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 firm has a market capitalization of $110.58 billion, a price-to-earnings ratio of 27.07 and a beta of 0.58. The company’s 50-day moving average is $54.57 and its two-hundred day moving average is $53.97. Enbridge Inc has a 1-year low of $45.03 and a 1-year high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion during the quarter, compared to the consensus estimate 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 firm earned $0.65 EPS. Analysts forecast that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be given 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%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ENB shares. Weiss Ratings reissued a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. Royal Bank Of Canada upped their price target on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. BMO Capital Markets reaffirmed a “market perform” rating on shares of Enbridge in a report on Monday, August 3rd. Raymond James Financial lowered Enbridge from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Finally, TD Securities restated a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Four research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $67.00.

About Enbridge

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.