Hartline Investment Corp Has $2.45 Million Stake in Enbridge Inc $ENB

Hartline Investment Corp grew its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 37.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,280 shares of the pipeline company’s stock after purchasing an additional 12,402 shares during the period. Hartline Investment Corp’s holdings in Enbridge were worth $2,451,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in Enbridge in the 4th quarter valued at approximately $1,195,559,000. Auto Owners Insurance Co lifted its position in shares of Enbridge by 4,683.0% in the fourth quarter. Auto Owners Insurance Co now owns 8,566,831 shares of the pipeline company’s stock worth $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Bank of Nova Scotia boosted its holdings in Enbridge by 118.0% during the third quarter. Bank of Nova Scotia now owns 9,526,380 shares of the pipeline company’s stock worth $480,518,000 after purchasing an additional 5,157,030 shares during the last quarter. Alberta Investment Management Corp bought a new position in Enbridge in the fourth quarter valued at $132,705,000. Finally, Vanguard Group Inc. grew its position in Enbridge by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock valued at $4,802,766,000 after purchasing an additional 2,067,516 shares in the last quarter. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ENB has been the topic of several analyst reports. Royal Bank Of Canada boosted their price target on shares of Enbridge from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Wall Street Zen cut Enbridge from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Scotiabank reissued an “outperform” rating on shares of Enbridge in a research note on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.50.

Enbridge Trading Up 3.0%

Enbridge stock opened at $55.06 on Wednesday. Enbridge Inc has a 52 week low of $43.59 and a 52 week high of $58.45. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.73 and a current ratio of 0.81. The stock has a market capitalization of $120.26 billion, a P/E ratio of 25.85 and a beta of 0.58. The stock has a 50-day simple moving average of $55.37 and a 200 day simple moving average of $52.52.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings data on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The firm had revenue of $9.37 billion for the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the prior year, the company earned $1.03 earnings per share. Analysts expect that Enbridge Inc will post 2.16 earnings per share for the current year.

Enbridge Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Friday, May 15th were issued a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.88 annualized dividend and a yield of 7.0%. Enbridge’s dividend payout ratio (DPR) is currently 133.80%.

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.