Hennessy Advisors Inc. Has $24.64 Million Holdings in Enbridge Inc $ENB

Hennessy Advisors Inc. lowered its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 7.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 454,565 shares of the pipeline company’s stock after selling 37,900 shares during the period. Hennessy Advisors Inc.’s holdings in Enbridge were worth $24,642,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Greenleaf Trust lifted its stake in shares of Enbridge by 6.0% in the 2nd quarter. Greenleaf Trust now owns 13,263 shares of the pipeline company’s stock valued at $719,000 after purchasing an additional 748 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Enbridge by 21.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 21,283 shares of the pipeline company’s stock worth $1,154,000 after purchasing an additional 3,755 shares in the last quarter. Van ECK Associates Corp lifted its stake in Enbridge by 1.4% in the second quarter. Van ECK Associates Corp now owns 1,045,461 shares of the pipeline company’s stock valued at $56,674,000 after buying an additional 14,315 shares during the period. Tandem Capital Management Corp ADV boosted its holdings in shares of Enbridge by 7.0% during the 2nd quarter. Tandem Capital Management Corp ADV now owns 5,375 shares of the pipeline company’s stock worth $291,000 after buying an additional 350 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of Enbridge during the 2nd quarter worth approximately $54,741,000. 54.60% of the stock is currently owned by institutional investors and hedge funds.

Enbridge Trading Up 0.5%

NYSE:ENB opened at $50.17 on Friday. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a one year low of $45.03 and a one year high of $58.45. The company has a market cap of $109.57 billion, a PE ratio of 26.83 and a beta of 0.58. The firm has a 50-day moving average of $53.64 and a 200-day moving average of $54.00.

Enbridge (NYSE:ENB) (TSE:ENB) last announced its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to analysts’ expectations 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. As a group, equities research analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a dividend of $0.97 per share. The ex-dividend date is Friday, August 14th. This represents a $3.88 annualized dividend and a yield of 7.7%. Enbridge’s dividend payout ratio is 147.06%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a “neutral” rating to a “sector outperform” rating in a research note on Thursday. Wolfe Research set a $50.00 price objective on shares of Enbridge in a research report on Tuesday, August 4th. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Wednesday, August 19th. Finally, Royal Bank Of Canada boosted their target price on Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Key Enbridge News

Here are the key news stories impacting Enbridge this week:

• Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion in expansions of its Westcoast natural-gas pipeline system in British Columbia. Bringing in private capital should reduce Enbridge’s direct funding requirements while allowing it to retain an interest and benefit from long-term contracted infrastructure growth. Enbridge, KKR form joint venture to invest in Westcoast natural gas pipeline
• Positive Sentiment: The company is also buying Salt Creek Midstream’s crude-gathering assets in the Permian Basin for about US$600 million. The acquisition adds roughly 500 miles of pipeline infrastructure, expands Enbridge’s regional footprint and is expected to contribute contracted earnings and cash flow after closing. Enbridge buying Salt Creek Midstream’s crude oil gathering business for $600M
• Positive Sentiment: Analysts continue to view Enbridge as an income-oriented investment, citing diversified, largely contracted cash flows and a dividend yield of approximately 5.6%. Its multiyear capital program and inflation-linked contracts may support stable cash generation, although they also limit exposure to commodity-price upside. Enbridge: A Reasonable Choice For Income And Capital Preservation
• Neutral Sentiment: Air monitoring following a Line 5 leak reportedly found no hazardous gas levels, reducing immediate public-health concerns. Air monitoring shows no hazardous levels of gases after leak on Enbridge’s Line 5
• Negative Sentiment: Wisconsin regulators have asked Enbridge to halt work on the Line 5 reroute after the leak, raising the possibility of construction delays, added costs and increased scrutiny. Wisconsin asks Enbridge to halt Line 5 reroute work after spill
• Negative Sentiment: Michigan Governor Gretchen Whitmer filed a brief challenging Enbridge’s right to operate Line 5 through the Straits of Mackinac, describing the pipeline as a potential danger. The legal challenge adds long-term uncertainty around a strategically important asset and could increase regulatory, litigation and remediation risks. Whitmer responds to Enbridge lawsuit over Line 5 pipeline

Enbridge Company Profile

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.