SCS Capital Management LLC Makes New $9.20 Million Investment in Enbridge Inc $ENB

SCS Capital Management LLC bought a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 169,772 shares of the pipeline company’s stock, valued at approximately $9,204,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank bought a new position in Enbridge during the 4th quarter worth approximately $1,195,559,000. Auto Owners Insurance Co increased its stake in 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 valued at $40,975,000 after purchasing an additional 8,387,721 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in Enbridge in the second quarter valued at approximately $412,627,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Enbridge by 787.8% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,196,000 shares of the pipeline company’s stock worth $173,189,000 after purchasing an additional 2,836,000 shares during the period. Finally, Alberta Investment Management Corp acquired a new stake in Enbridge in the fourth quarter worth $132,705,000. 54.60% of the stock is owned by institutional investors.

Enbridge Trading Down 0.0%

NYSE ENB opened at $50.89 on Monday. The stock has a market capitalization of $111.15 billion, a price-to-earnings ratio of 27.22 and a beta of 0.58. The stock’s 50 day moving average price is $54.67 and its two-hundred day moving average price is $53.95. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.66 and a current ratio of 0.72. Enbridge Inc has a 52 week low of $45.03 and a 52 week high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The firm had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the prior year, the firm posted $0.65 EPS. As a group, analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year.

Enbridge Announces Dividend

The firm also recently announced 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 7.6%. Enbridge’s dividend payout ratio is presently 147.06%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. TD Securities reissued a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Scotiabank reiterated an “outperform” rating on shares of Enbridge in a report on Tuesday, July 21st. BMO Capital Markets reissued a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. Finally, Wolfe Research set a $50.00 target price on Enbridge in a research note on Tuesday, August 4th. 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, the stock currently has a consensus rating of “Hold” and an average target price of $67.00.

Enbridge 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.